Exigen Insurance Solutions®, a leading global provider of core solutions to insurers delivered through an aligned-outcome business model, today announced at the IASA conference the introduction of an International Business Insurance product. The new product is designed to give insurers operating in global markets greater product flexibility and agility. It allows Exigen customers to select and deliver the business insurance coverages they wish to offer in any one country from a comprehensive global set of 85 coverages for over 600 occupation types.
The International Business Insurance product is available with PolicyCore™, a component of the Exigen Suite™ of core processing systems for policy administration, billing and claims management. The first client implementation is scheduled for the summer of 2012. The product was built within PolicyCore’s product management tool, Product Factory™, which allows insurers to streamline product development and management to meet channel demands and to respond to market changes for existing products.
The new product was designed in collaboration with experienced commercial lines insurance managers operating in multiple regions worldwide. Their input enabled the capture of a detailed set of product attributes and logic associated with coverages offered in Asia, Oceania, Latin America, the Middle East and Europe.
The introduction of an international business insurance product to stand alongside PolicyCore’s extensive personal lines product set is consistent with Exigen’s commitment to support the transformation agenda of global insurers. Customers gain product flexibility and also benefit from Exigen’s global software-as-a-service (SaaS) deployment of PolicyCore to rapidly and cost-effectively roll-out products from a platform that can serve multiple countries from a single data center and easily scale to market demand.
“The availability of an extensive business insurance product is an important enhancement to PolicyCore. It adds significant product options for insurers writing commercial lines in several geographies,” said Donald Light, Celent’s Director Americas Property/Casualty Practice.
“Insurers with a global presence face real challenges when trying to consolidate their systems and manage product offerings. Country-specific regulatory requirements, distribution models and business models create product complexity,” said Exigen Insurance Solutions’ president, Gwen Spertell. “Our goal is to reduce cost and complexity by providing customers the flexibility to do business the way they need to within one country while using the same core system and Exigen SaaS platform for multiple countries or regions.”