Keep track of what’s happening in one of the world's largest insurance communities. Sign up for our newsletter and get news, knowledge & inspiration.
TIA Technology increases efficiency of insurance product development
Virum, Denmark - TIA Product Factory can cut time-to-market by 70%
The combination of new tools, an efficient, structured process and the support of TIA Product Factory experts will significantly improve the ability of insurance companies’ to deliver competitive new products to market fast as well as dramatically speed up the implementation time of new core solutions.
"TIA Product Factory transforms product development and distribution into a process that resembles a streamlined and highly-efficient factory line."
Insurance companies are constantly on the lookout for new ways to increase agility; getting to market faster and meeting the increasing demands from customers. Up until now, many have struggled with getting the right products in their software system and out to the market in a fast and structured way.
“TIA Product Factory transforms product development and distribution into a process that resembles a streamlined and highly-efficient factory line,” says, Liselotte Munk, CEO at TIA Technology.
TIA Product Factory service offering includes five key elements: a strategic product management workshop, a product template, TIA Product Center – a configuration-based software tool, the actual implementation phase and finally, training in how to design new products variants. The process is done in iterations, each consisting of only a few products, to ensure the effective use of resources and generate a steady inflow of newly created products.
Insurance industry expertise lifts product development strategy
A strategic product management workshop kicks off the offering to ensure that the rest of the process runs smoothly. A TIA Product Architect works together with the insurance company; acting as a consultant to help it streamline the product portfolio and optimize its competitiveness.
“TIA product architects aren’t just technology experts. They understand the dynamics of the insurance business and can offer strategic input. How can you strengthen your product catalog? Which similar products can be combined? Answering questions like these paves the way for more simplified product maintenance and a more competitive portfolio,” says Liselotte Munk.
Next, TIA uses a unique product template, which is built around best-practice product definitions, to help the insurer prepare its products to be entered into the TIA Product Center software tool.
Builds efficiency right into the system
Once the insurer’s new products are in the TIA Product Center, the implementation phase is completely handled by TIA experts at the Product Factory in Lithuania. Letting this team handle the actual implementation of products in the client’s own TIA Solution allows the company’s product managers to think strategically and move fast.
The TIA Product Factory team focuses on only one thing: high-quality implementation of products into the TIA Solution – fast. In a matter of three to four weeks, products are ready for the market.
The future is self help
As part of the Product Factory package, TIA offers the tools and process for factory-like efficiency in-house, even after the initial project has been completed.
TIA Product Center makes it possible for non-technical employees to configure products instead of hard coding them. Once the first products are implemented in the TIA Product Center, they can easily be reconfigured to produce new variations by business users using the documentation and training that TIA provides.
Reduce risk and implementation time for core system replacement
For new clients, the Product Factory Service offering is a vital component of reducing risk and time-to-value of a core system replacement project. Creating and implementing a complete portfolio of products into a new core system is one of the most resource intensive elements of any legacy replacement, often tying up more than 30% of the project resources. With this new approach, TIA dramatically reduces the risk of a new implementation project, saving time and money for new clients while ensuring a best-practice approach that the insurance company can benefit from for years to come.
About TIA Technology
TIA Technology offers the industry's most flexible and comprehensive integrated suite of core insurance applications for property/casualty and composite insurers. A proven solution with more than 60 customers and 100.000 daily users in 40 countries, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership.