ATLANTA, Nov. 17 /PRNewswire/ -- Throughout the years, insurance organizations have tried different strategies to implement the required level of control and governance for the product implementation process. Historically, there has been a lack of technology available to support a centralized process, yet remain flexible enough to handle individual product requirements and the subsequent deployment to multiple technology systems. Introducing a new product will require, at a minimum, updates to presales illustration, administration, and valuation systems.
There are a number of implications to this practice: Product rules and values are typically duplicated in multiple systems. Multiple technology systems are developed, usually in many different technologies. Extensive testing is required to ensure all systems provide consistent results.
An article in the November issue of LOMA's Resource magazine looks at this topic. The author, Todd Haney of HP, says the significant advantage to today's model-driven development tools is the complete separation of the business definition of products from the technical implementation of the systems that support those products. This enables the business to define and control their rules with minimal dependency on what technology has been selected. The complete article may be seen on the Resource section of the LOMA website, http://www.loma.org/Resource.asp
Established in 1924, with 1,200 plus member companies in over 80 countries, LOMA is committed to a business partnership with its world-wide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. To find out more about LOMA and the learning opportunities it offers, visit LOMA's Web site at www.loma.org