Creating insurance products
The steps for creating a product using Advanced Product Designer are:
Developing a product is an iterative process. You can prototype a product through the conceptualize, visualize and finalize steps and generate the product. You continue development by adding product details in each step. Even after the product is in production, you can continue to modify the product details in each step as business requirements change.
Conceptualize
Business System Analysts, Business Analysts, and Product Managers are involved in conceptualization. Users of the product, such as underwriters and actuaries, may provide input.
You conceptualize the product in XMind by creating a mind map that captures the product requirements. The product structure is mapped into a tree-like hierarchy, with the product as the root of the tree.
The nodes of the tree model the different parts of the product, such as risk objects, coverages, exclusions, and conditions. The team works iteratively on the mind map, defining the product requirements until achieving a level of stability.
If you prefer not to use XMind, then you can create the product hierarchy directly in Advanced Product Designer screens in PolicyCenter.
Share and review
During conceptualization, you share and review the product mind map with team members and incorporate their feedback.
Import
After incorporating feedback, you are ready to import the mind map into PolicyCenter.
Visualize
Business System Analysts are involved in visualization. IT is involved when the product nears finalization. Business Systems Analysts may consult with Product Managers and Business Analysts. Users of the product, such as underwriters and actuaries, may provide input.
When the mind map is imported into PolicyCenter, it becomes a visualized product. If you created the product directly in Advanced Product Designer screens in PolicyCenter, then you already have your visualized product.
In a visualized product, you can navigate through a submission or other policy transaction just like you do with products installed in PolicyCenter. Visualization enables you to work in PolicyCenter with your new product without needing to develop a prototype. In a policy transaction, you can navigate through the screens, adding risk objects, selecting coverages, and entering policy data.
In the visualized product, you can continue to add product details on Advanced Product Designer screens in PolicyCenter. You can also make changes to the mind map, and reimport those changes.
Finalize
IT and Business System Analysts are involved in finalization. Product Managers may be consulted.
