SymbioSys Product Configurator-as-a-Service
SymbioSys Product Configurator-as-a-Service enables Insurers to quickly configure Life, Annuity, Pension and Health products with an ability to integrate their front-end tool. It provides flexibility for Insurer or IT solution provider to develop the front-end mobile app or web solution powered with proven Product Configurator to enjoy best of both worlds. Said service comes with ready to use API’s for building UI, Illustration modeling, validations for data capture etc.
SymbioSys Product configurator has configured over 500 base plans and 1000+ riders so far and caters to the need of global insurance markets
SymbioSys Product Configurator-as-a-Service enhances the sales velocity of a new product and digitalization thru its capabilities like:
+ Ability to manage sales process in connected and disconnected mode
+ Comprehensive set of APIs for building UI, handling validations related to minimum and maximum limits for Age, Sum + Assured/face amount, Premium, Term, Payment Term, top-up amount, withdrawal amount, fund allocation percentage etc., computation of Premium, Sum Assured/face amount, generation of Sales Illustration for New Business and In-force Business
+ Ability to define packaging of various sales offerings within the Product by using Plan Options
+ Ability to configure applicable features for the Product like Joint Life, Supplementary Life, Multi-Life, Withdrawal rules, Top-up, Pre-payment, Funds, limits, risk models etc.
+ Unique modeler to configure complex Actuarial calculations, illustration models, rules used to generate illustrations or capturing application
+ Ability to engage customer with Solvers to take informed decision on the right cover e.g. Target Fund Solver, Withdrawal Solver, Fund Sufficiency Solver, Pre-payment Solver, Premium Offset Solver etc. thus proactively addressing customer objections for faster sales closure.
+ Ability to configure various rules, define features related to Sales Illustration and e-Application thru its powerful rule engine
+ Enables product cloning to quickly launch product variants/versions simultaneously, targeting specific partners, seasonal campaigns and market segments
+ Ability to maintain product versions for regulatory compliance with effective date
+ Handshake seamlessly with digital ecosystem with ready real time API interfaces for necessary validations and computations
Ability to create target segment specific variations within same product
Ability to have 2 versions of product available for selling, in parallel
Ease of integrating product engine with home grown digital apps
Customer engagement tools for mapping life events for informed decision making
Short time to launch innovative products
Ease of creating product variations for specific partners or customer segment
Ease of integration with any front-end tool on diverse platforms
Availability in connected and disconnected mode
Ability to launch innovative products in short time
Support for calculating premium for Standard and risk-based loading
Availability across diverse digital platforms in connected and disconnected mode
Unified Product Configurator with availability across diverse digital platforms with ease of integration
Ease of packaging various sales offerings within same product
Ease of configuring Riders along with Plan-Rider association rules
Ability to configure products for Joint life, Supplementary life, multi-lives etc.
Availability of solvers for engaging customers for informed decision making