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What It Is and
How It Works |
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PROMOS (PROduct
MOdeling System) is a powerful tool that 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.
PROMOS 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 |
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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 PROMOS, you
can react immediately — with speed, accuracy and full
automation. PROMOS will improve not only the way your company
operates, but also your bottom line results.
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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.
PROMOS 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 PROMOS
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. |
Modeling with PROMOS 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 PROMOS
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. |
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