The insurance suite for innovative insurance products: lean, flexible and modular

At the present time, mature legacy insurance systems are being updated using integration layers with the 2-speed Architecture Model to meet the requirements of digitalization; a compromise that definitely does not go far enough to solve the challenges of the times. The classic insurance products like investment life insurance are dying out. Insurance companies have to find new access points to clients via innovative products and partnership development. What’s more, many employees possessing knowledge of legacy systems will be retiring shortly. The 2-speed Architecture Model is only an interim step in the future direction of insurance towards flexible, modern IT systems.

Insurance out of the Box: Our comprehensive solution for your innovative digital insurance products

Our insurance suite Insurance out of the Box (IooB) provides a comprehensive system with targeted focus on unconventional lines of business with novel, innovative insurance products. The system is leanly designed with multi-channel capacity, a high rate of background processing and optimization for quick time-to-market.

Insurance suite IooB covers the following categories:

  • Residual debt due to death, disability, unemployment, loss of self-employment income or critical illness (“dread disease”)
  • Current payments due to death, disability, unemployment, loss of self-employment income or critical illness (“dread disease”)
  • Credit cards due to death, disability, unemployment, loss of self-employment income or critical illness (“dread disease”)
  • Savings accounts due to death, disability, unemployment, loss of self-employment income or critical illness (“dread disease”)
  • Income protection due to death, disability, unemployment, loss of self-employment income or critical illness (“dread disease”)
  • GAP insurance
  • Device/ equipment protection

Product modeling, inventory management and claims management in one system

By using IooB, your insurance company can design highly standardized products that are suitable for mass production but at the same time flexible, quickly implemented with multi-channel capability. IooB provides for this very purpose its own rule interpreter for calculation of premiums, accrued liabilities, provisions, taxes, etc. This way actuaries can configure product-specific calculation rules without involving developers.

Modular construction ensures flexible integration in the system environment 

  • IooB includes as integral parts business components like sub-ledger accounting, payment transactions, claims management, partner administration and document generation.
  • As needed, IooB can be used as a complete solution or as a peripheral system connected via standard interfaces to partner systems, disbursement/ pay-out of compensation and the like.
  • IooB offers a multitude of standardized import-, export and web-service interfaces, particularly for sales partners like banks.
  • Technically IooB is a Java Enterprise application with a web front end and strongly developed support for the black box processing of business transactions, like policy issue, cancellation (surrender, revocation), coverage adjustment, addition of contracts, benefits investment approval, refusal and payment, incl. mailing of associated letters.
  • In the ideal case, only business transactions for specialists like goodwill, regression and complaints processing must be processed interactively