TIA Technology makes product development faster and more agile for insurers

Virum, Denmark – TIA Technology, a leading provider of standard insurance software solutions for the global property/casualty and life insurance industry, announced today the release of its new mobility solution, TIA Mobile for Professionals.

Virum, Denmark – TIA Technology, a leading provider of standard insurance software solutions for the global property/casualty and life insurance industry, announced today the release of its new product configuration solution, TIA Product Center, which allows insurance companies to create and market new products quickly and easily maintain their entire product portfolio.

“Ensuring a profitable product portfolio depends on two things: creating the right products with the right risk at the right time and optimizing and maintaining the entire product portfolio in a profitable way. TIA Product Center allows insurers to excel at both of these tasks and facilitates the fast launch of distribution channels.”
Liselotte Munk, CEO, TIA Technology

Moving product development back into the hands of business

The key challenge in many insurance companies is the length of time and the amount of IT resources it takes to make changes to their product portfolio. Focusing on configurability, TIA Product Center relieves these issues; allowing business users to handle most of the product development process and reducing dependency on IT resources. TIA Product Center provides a rich set of product development capabilities for non-programmers, significantly speeding up product development time. 
 
A traditional development cycle often takes 9-12 months – from identifying needed changes through to the launch of the actual product. TIA Product Center significantly speeds up the process by making it more agile; overlapping the phases and supporting early prototyping.

“Ensuring a profitable product portfolio depends on two things: creating the right products with the right risk at the right time and optimizing and maintaining the entire product portfolio in a profitable way. TIA Product Center allows insurers to excel at both of these tasks and facilitates the fast launch of distribution channels.” 
– Liselotte Munk, CEO, TIA Technology

Big benefits for insurers 

TIA Product Center brings structure, agility and openness to the product development process. Besides significantly speeding up the product development process and moving it back into the hands of the business, TIA Product Center facilitates the maintenance of the entire product portfolio. 
 
Product Managers will experience that they can build, maintain and deploy standard products via a set of parameters and they will be able do so quickly, ensuring agility and a faster time-to-market than their competitors. Actuaries can simulate product changes and analyze the impact on the right portfolio, enabling price sophistication. 

Sales managers can have a higher degree of sparring with the product managers and greater involvement during the product definition phase, ensuring that customer-facing initiatives are implemented in a speedy and flexible way. 

Customer-focus is key for successful product development

TIA Product Center, as an integral part of the TIA Solution, puts the insurance customer in the center of all processes. This solution makes it is easier to create new product offerings that can better meet customers’ needs and that allow customers to personalize their insurance packages and coverage, based on their individual needs and personal values, with specific elements that are relevant for them. 
 
TIA Product Center also allows insurers to quickly create variations on a master product and sell them through different distribution channels to meet customers exactly where they want to do business, whether that be or directly through a contact center or insurer website or via other channels. 

A total product solution

TIA Product Center extends and enhances the product development functionality of TIA Solution and can be used to create any type of product – from simple, personal line to the most complex commercial line. TIA also supports fine-grained, elemental pricing, which facilitates micro- tariffing as well as master product versioning to ensure any product changes made are seamlessly and automatically updated in policies.

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