at Financial Technnology Year
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Features in Collaborative Design Platforms
for Product Development
Tools that facilitate collaboration among product developers, actuaries, underwriters, and other stakeholders throughout the product development process.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Analytics & Reporting
Robust reporting and analytics capabilities to inform product decisions and track progress, including historical data, work patterns, and product performance metrics.
- Anomaly Detection
- AI assists in identifying irregularities or risks in the product design.
- Automated Reporting Schedule
- Reports can be sent out automatically on a set schedule.
- Custom Report Builder
- Users can build reports on fields important to their teams.
- Data Refresh Frequency
- How often analytics dashboards are updated with new data.
- Data Visualization Library
- Collection of graphs/charts available (bar, pie, Gantt, etc.).
- Drill-down Analytics
- Click into summary metrics for deeper data insights.
- Export Reports
- Download reports in various formats (CSV, PDF, XLSX).
- Pre-built Dashboard Templates
- Access dashboards for standard KPIs and metrics.
- Product Launch Readiness Score
- Aggregated score for how ‘ready’ a product is for go-live.
- Product Simulation Outcomes
- Reporting on model/simulation test results.
- Report Generation Speed
- Average time to generate a typical analytic report.
- Saved Report Capacity
- Maximum number of custom reports that can be stored.
- Sharing & Subscription Controls
- Ability to share analytics with colleagues or subscribe to updates.
- Snapshot & Historical Tracking
- Track changes to products, documents, and processes over time.
- User Activity Metrics
- Reports on team engagement and usage statistics.
Automation & Efficiency
Features to reduce manual effort and accelerate insurance product design, documentation, and launch.
- API-driven Automation
- Leverage system APIs for external automation scripts or workflows.
- Auto-Completion Suggestions
- Predictive text or form auto-fill for efficiency.
- Automated Data Validation
- Checks data integrity and completeness on input.
- Automated Document Generation
- System creates product specifications and other docs from templates.
- Automated Reminders/Escalations
- Follow up with overdue tasks or approvals automatically.
- Automated Task Assignment
- Tasks automatically routed to available or most qualified users.
- Automation Success Rate
- Percentage of automated processes that complete successfully.
- Bulk Operations
- Batch processing of items (e.g., approve, edit, delete).
- Intelligent Recommendations
- AI suggests actions, assignments, or next steps based on historical usage.
- Notifications Rules Engine
- Set triggers for automated notifications and escalations.
- Scheduled Data Imports/Exports
- Automate recurring data sync tasks.
- Task Recurrence
- Support for recurring or cyclical tasks.
- Template-driven Product Setup
- Quickly instantiate new products from rule-driven templates.
- Time Saved Per Automation
- Average hours saved per process automated.
- Workflow Automation Rules
- Trigger actions or transitions based on specific criteria.
Document & Knowledge Management
Features for storing, organizing, versioning, and securing all relevant documents, specifications, and knowledge assets related to insurance product design.
- Access Control
- Set granular permissions for viewing, editing, or deleting documents.
- Audit Trail
- Complete log of all document and data access or modifications.
- Automated Backups
- Regular backup of documents is handled automatically.
- Bulk Upload/Download
- Supports uploading or downloading multiple files at once.
- Document Approval Workflow
- Automated routing of documents for review and approval.
- Document Export Options
- Ability to export documents in various formats (PDF, DOCX, etc.).
- Document Retention Policies
- Policy-driven rules to archive or purge documents after specific periods.
- Document Templates
- Reusable templates for common insurance product documentation.
- Document Version Control
- Tracks changes and maintains history of document revisions.
- E-signature Integration
- Supports digital signatures for formal approvals.
- Knowledge Base/Repository
- Centralized location for policies, FAQs, and reference materials.
- Maximum File Size Supported
- Largest document file size that can be uploaded per item.
- Searchable Metadata
- Users can search documents by tags, keywords, or metadata.
- Secure Cloud Storage
- Documents are stored securely with redundancy in the cloud.
- Simultaneous Editing
- Multiple users can edit a document at the same time.
Integration & Interoperability
Supports seamless connectivity with external tools, systems, and data sources critical to insurance product development, such as actuarial software and legacy policy management systems.
- API Availability
- Access to open APIs for custom integrations.
- Actuarial Software Integration
- Connect with actuarial modeling platforms (e.g., Prophet, MoSes).
- Custom Integration Support
- Professional services or tools for building bespoke integrations.
- Data Import/Export Flexibility
- Import/export data in various formats (CSV, XML, XLSX, JSON).
- Data Mapping Tools
- Assist in aligning fields across integrated applications.
- Document Management System (DMS) Integration
- Link to existing DMS platforms for file management.
- ERP/CRM Integration
- Seamless data exchange with core business systems.
- Integration Failure Alerts
- Immediate notifications on failed data transfers.
- Integration Latency
- Average time for data to sync between systems.
- Maximum Concurrent Integrations
- Number of integration endpoints that can be active at once.
- Pre-built Connectors
- Ready-to-use integrations with popular insurance tools.
- Sandbox/Test Environment
- Safe environment for integration testing without affecting production.
- Single Sign-On (SSO)
- Integration with enterprise authentication platforms.
- Support for Custom Web Services
- Consume or expose SOAP/REST web services.
- Webhook Support
- Trigger external events based on platform actions.
Product Modeling & Prototyping
Includes tools for conceptualization, simulation, and visualization of new insurance product structures, features, and business rules.
- Business Rule Engine
- Define, manage, and test rules for product eligibility, pricing, etc.
- Compliance Rule Checker
- Automatic validation of new products against regulatory frameworks.
- Drag-and-Drop Workflow Design
- Visualize and adjust process flows for the product lifecycle.
- Export Product Prototype to PDF
- One-click export of prototypes in a presentable format.
- Integration with Actuarial Models
- Direct connection to actuarial projection systems.
- Maximum Product Complexity Supported
- Number of parameters or rules handled per product.
- Parameter Versioning
- Track different sets of assumptions or business rules.
- Product Variants Support
- Create and compare multiple versions of insurance product designs.
- Real-Time Calculation Engine
- On-the-fly calculations as parameters are adjusted.
- Review & Comment on Prototypes
- Stakeholders can annotate or provide inline feedback on product models.
- Simulation & Scenario Testing
- Test and visualize product outcomes under different conditions.
- Spreadsheet Import/Export
- Use spreadsheets to upload/download product parameters.
- Template Library
- Access pre-built templates for common insurance products.
- Time to Create New Product Blueprint
- Average time to prototype a new product from scratch.
- Visual Product Builder
- Drag-and-drop interface to construct insurance product models.
Security & Compliance
Ensures robust protection of proprietary and sensitive information and facilitates compliance with industry and legal standards (e.g., GDPR, HIPAA, SOC 2).
- Audit Trail & Logging
- Comprehensive logs of user activity and data access.
- Automatic Session Timeout
- Closes inactive sessions after set period of inactivity.
- Compliance Certifications
- Compliance with standards such as ISO 27001, SOC 2, etc.
- Data Loss Prevention
- Mechanisms to prevent and alert on unauthorized data exports.
- Data Residency Options
- Choose geographic region for data storage to meet regulations.
- Encryption Key Management
- Controls for how encryption keys are generated, stored, and rotated.
- End-to-End Encryption
- All data is encrypted in transit and at rest.
- Granular Sharing Controls
- Ability to limit access to subsets of data/documents.
- Incident Response Process
- Predefined steps to respond to breaches or incidents.
- Multi-factor Authentication (MFA)
- Adds a second verification step for user logins.
- Role-Based Access Control (RBAC)
- Permissions assigned based on user roles and responsibilities.
- Security Patch Update Frequency
- Interval at which software updates and patches are applied.
- Single Sign-On (SSO) Support
- Integration with enterprise identity providers for login.
- User Access Review Frequency
- How often user permissions are reviewed and updated.
- Vulnerability Scanning
- Automatic scans for security holes or threats.
Stakeholder Engagement & Transparency
Ensures all relevant parties—including external partners and regulatory bodies—are kept informed, involved, and able to review decisions throughout product development.
- Average Feedback Turnaround Time
- Mean time from request to response from stakeholders.
- Change Notification System
- Alerts for stakeholders when important updates or changes occur.
- Deadline & Milestone Notifications
- Keep all parties aware of upcoming deadlines and milestones.
- Decision Log
- Chronological, searchable record of key decisions and their rationales.
- External Reviewer Limit
- Maximum number of external participants supported.
- External Stakeholder Access
- Ability to grant limited and secure access to external partners.
- Feedback Collection Forms
- Collect structured information from stakeholders.
- Public vs. Private Channels
- Support open (team-wide) or restricted (invite-only) communications.
- Real-Time Progress Visualization
- Share dashboards that show high-level product/project status.
- Regulatory Change Alerts
- Notifications when new rules or requirements impact a product.
- Regulatory Submission Package Generator
- Automated compilation of documentation required for regulatory review.
- Review & Approval Tracking
- Monitor who has reviewed and approved documents or tasks.
- Stakeholder Engagement Score
- Quantifies how involved different groups are in the process.
- Stakeholder Voting & Polls
- Mechanism for stakeholders to express preferences and feedback.
- Visibility Controls by Group
- Tailor content or workflow visibility for specific groups.
Support, Scalability & Maintenance
Reflects the platform’s ability to reliably support the organization as business needs grow, including vendor support and upgradability.
- 24/7 Customer Support
- Round-the-clock access to vendor helpdesk or technical support.
- Capacity Scaling Limits
- Maximum number of concurrent users or data volume supported.
- Custom Branding
- Ability to white-label the platform with company-specific logos/colors.
- Dedicated Account Manager
- Named resource who understands and manages your account.
- Disaster Recovery Plan
- Comprehensive approach for failover and recovery.
- High Availability Configuration
- Options for redundancy and uninterrupted service.
- In-app Help & Chatbots
- Instant self-service help available through context-aware chat.
- Multi-Tenant Architecture
- Supports multiple independent business units on one platform.
- Onboarding Support
- Guided setup and training for new customers or users.
- Regular Feature Updates
- Platform is enhanced with new features on a predictable schedule.
- Service Level Agreements (SLAs)
- Guaranteed response and resolution times for support tickets.
- Support Ticket Response Time
- Average time vendors take to respond to support tickets.
- Up-time SLA
- Service availability guarantee (target up-time percentage).
- Upgrade Path Clarity
- Documentation and process for managing platform upgrades.
- User Community Forums
- Access to forums for sharing best practices and troubleshooting.
Usability & User Experience
Focuses on ease of use, customizability, and intuitive design so that diverse teams can collaborate effectively without steep learning curves.
- Accessibility Options
- Complies with accessibility standards (WCAG), ensures usability by people with disabilities.
- Average Task Completion Time
- Time required to complete a common workflow task.
- Cross-browser Compatibility
- Works on all major web browsers.
- Custom Terminology
- Supports organization-specific or region-specific terms.
- Dark Mode Support
- Theme option for low-light environments.
- Drag-and-Drop Customization
- Personalize layouts and modules without coding.
- Field-level Help
- Instant tooltips and context help for form inputs.
- Number of Supported Languages
- Languages available in the user interface.
- Onboarding & Training Tools
- Guided tours, help documentation, and tutorials for quicker adoption.
- Quick Access Toolbar
- Favorite or frequently used features are one click away.
- Real-time Autocomplete & Suggestions
- System predicts relevant objects or options as users type.
- Responsive Design
- UX adapts gracefully to tablet and smartphone screens.
- Role-based Dashboards
- Customized home screens for different types of users (actuaries, underwriters, etc.).
- Search Across Modules
- Global search bar indexes all relevant data.
- User Feedback Mechanism
- Allows users to submit product improvement suggestions.
User Collaboration & Communication
Tools and features that facilitate seamless communication, feedback, and teamwork among cross-functional teams involved in insurance product development.
- Activity Feed
- View recent actions and changes across the platform.
- Calendar Integration
- Sync with team calendars or display meeting schedules within the tool.
- Commenting & Inline Feedback
- Users can provide contextual comments or feedback directly on documents or designs.
- Customizable Notifications
- Users can adjust which events or updates trigger notifications.
- Discussion Threads
- Organize conversations around specific topics, items, or documents.
- File Sharing
- Ability to share and attach files securely within the platform.
- Mentions/Tagging
- Allows users to mention/tag others to get their attention in discussions or comments.
- Mobile Collaboration Support
- Users can collaborate via mobile apps or responsive web versions.
- Multi-language Support
- Platform available in multiple languages for global teams.
- Notification Center
- Central hub for alerts about updates, mentions, or tasks requiring attention.
- Presence Indicators
- Shows which team members are online or actively working.
- Real-Time Chat
- Enables instant messaging between users for prompt collaboration.
- Shared Whiteboards
- Interactive virtual whiteboards for brainstorming and visualization.
- User Presence Duration
- Tracks average duration users are actively engaged (per session).
- Video Conferencing Integration
- Connects with video meeting tools (e.g., Zoom, Teams) directly from the platform.
Workflow & Process Management
Capabilities to create, visualize, and manage the stages, tasks, and approval steps of the insurance product development lifecycle.
- Approval Gates
- Enforce staged approvals for critical workflow steps.
- Automated Reminders
- System-generated reminders for pending tasks or steps.
- Bulk Task Updates
- Update multiple tasks at once for efficiency.
- Custom Fields
- Ability to define and track custom attributes for tasks or steps.
- Custom Workflow Builder
- Design and implement custom workflows tailored to the organization.
- Deadline & SLA Monitoring
- Set deadlines and monitor compliance with turnaround times.
- Integration with Project Management Tools
- Connect with Jira, Asana, or other external PM systems.
- Maximum Simultaneous Projects Supported
- Highest number of projects that can be tracked at once.
- Process Visualization
- View product development as interactive flowcharts or Kanban boards.
- Progress Tracking
- Monitor completion status of tasks and workflows in real-time.
- Role-Based Task Views
- Customize task visibility based on user role.
- Task Assignment
- Tasks can be assigned to specific users or teams.
- Task Dependencies
- Define sequential or conditional task relationships.
- Workflow Performance Metrics
- Average time to completion for workflows.
- Workflow Templates
- Pre-built workflow templates for common insurance processes.