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The current insurance services market requires providers to make regular changes of Policy Rules (Coverage Limits rules, Coverage dependency rules, Rate rules, etc), due to changes in regulations and laws.
Policy rules (Coverage Limits rules, Coverage dependency rules, Rate rules) change one or more times annually for each state and for each insurance product.
Insurance systems have to support multiple versions of Policy Rules concurrently and different Policy Rules for different states/regions.
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The insurance market is very competitive and requires providers to quickly react to rate rules changes made by competitors.
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The ongoing effort to maintain and frequently change insurance applications (policy rules, rating rules, rating system, coverage dependency rules, coverage limits, quotation system, etc) is very expensive and time consuming.
It requires a large stuff of experienced programmers/testers/technical support specialists for each insurance product.
Usually insurance applications do not include integrated modeling capability. Use of Excel spreadsheet for modeling and analysis and subsequent coding of rules in insurance system is very expensive and time consuming alternative. As a result, the analysis of outcome of possible changes in current policy rules takes a lot of time and is very inefficient.
It is critical to develop insurance systems with built-in and fully integrated "WHAT IF" modeling capability. Such functionality will allow business users and subject matter experts in insurance area easily use visual interface to perform needed analysis and code generation from the model.
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Elite.NET insurance framework provides the solution for problems above.
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The Elite.NET framework which is based on .NET framework allows:
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- To define and build Business/Policy Rules
- To compile built Business/Policy Rules
- To perform modeling/simulation using set of compiled Business/Policy Rules
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It includes:
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- XML based Business/Policy Rules Markup Language (BRML),
- Visual Business Rules Builder,
- Business Rules translator,
- Rules modeling system.
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Each Rule Set is XML file and can be saved in any database or file system.
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Insurance analysts can use Web based Visual Rules Builder to define/change Policy rule set without programmers, perform immediate "WHAT IF" modeling to test and analyze rules, and automatically generate Policy Rate/Quotation system components using rules translator.
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Rule sets defined/changed by Insurance analysts are translated automatically into C# classes and compiled into .NET assemblies (shared class libraries).
Code generated from set of rules is error free and optimized for high performance. Changes in Policy business rules, which usually take programmers weeks to design, code, debug, test, and deploy, now can take hours from a request to a deployment.
Generated rules can automatically support multiple concurrent versions, multiple Insurance products, and multiple states/regions.
Insurance analysts use business entities/elements to define rules and do not have to know database tables/fields and/or UI form fields used by programmers in Insurance applications.
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Architects can define mapping of business entities to database tables/fields and screen form fields.
PIE Systems can demonstrate working Insurance solution framework and prototype of sample Rate/Quotation applications and quickly develop the custom Insurance applications or components using Elite.Net Insurance solution framework.
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