BindExpress Product Configurator enables not only IT, but also business professionals to quickly build automated rating and underwriting models right on their PCs. It then takes completed and tested models and generates computer code that will run on any platform — everything from PDAs and PCs, to midrange and mainframe computers.
Powered by the PROMOS Product Modeling System , the Configurator will help you build powerful components using a fraction of the time and cost typical of conventional software development, and saves countless resources for rates and rules maintenance in the future.
Modeling Instead of Programming
Typically, product managers and actuaries merely develop the specifications for insurance products. These specifications are then sent to the IT department, which implements them using traditional programming techniques. IT asks questions, refines the specs, and creates a prototype, which it reviews and changes with advice from product management. This process goes back and forth repeatedly until the product is ready for testing.
BindExpress Product Configurator shortcuts this entire process by empowering product underwriters, actuaries and business analysts to develop insurance products and to prepare them for IT integration at the same time.
Users model a product in the BindExpress Product Configurator Workbench by building the product’s components and relational logic using an easy "drag and drop" methodology, right on their PCs. The result is a simple and intuitive product tree. They then add underlying calculations with syntax similar to MS-Excel's, and use the test panel to verify the model’s accuracy.
What this all means is that product experts from the actuarial, product management or underwriting departments can do more than just write specs.
You can easily bundle entire products (or parts of them) to form new products or
programs that include multiple products.
Shortened product development cycles enable your company to react more quickly to new market trends. With BindExpress, you can react immediately — with speed, accuracy and full automation. It will not only improve the way your company operates, but also your bottom line results.
Modeling with BindExpress will speed your product building process by:
- Eliminating almost all the knowledge transfer time between product management and the IT department;
- Freeing up technical resources for more productive tasks than just making rates and rules changes;
- Reducing errors caused by misunderstandings or miscommunications between product managers and developers; and
- Enabling your product people to do more work autonomously before involving IT.
- Speed building products with the BindExpress Product Configurator means:
- Significantly faster and lower-cost product development;
- Better products, as they can be developed according to marketing needs only, without concern over technical limitations; and
- Reduced workload on IT resources.