at Financial Technnology Year
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Features in Product Configuration Engines
for Product Development
Flexible systems that allow insurers to define, configure, and modify insurance products without extensive programming, enabling faster time-to-market.
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 and Reporting
Built-in analytics and reporting capabilities related to products, rule usage, business outcomes, and operations.
- Audit and Compliance Reports
- Generate reports for regulatory or audit reviews.
- Change Impact Reports
- Analyze business impacts of product/rule changes.
- Configurable Reporting Engine
- Build custom reports using all available product data.
- Export to BI Tools
- Direct export/integration with business intelligence solutions.
- Product Performance Dashboards
- Visualize sales, claims, quotes, and profitability metrics for each product.
- Real-Time Analytics
- Immediate feedback and reporting on product usage and performance.
- Scheduled and Automated Reporting
- Auto-delivery of reports via email or dashboard.
- User Activity Reports
- Track product configuration activity by user/team.
Deployment, Scaling, and Performance
Features supporting deployment (on-prem/cloud/hybrid), scalability, uptime, and system performance.
- Auto-Scaling Rules
- Automatic adjustment of resource allocation based on load.
- Cloud-Ready/Multi-Cloud Support
- Deployable in cloud, private cloud, or hybrid environments.
- Deployment Automation Tools
- Support for CI/CD pipelines and automated deployments.
- Disaster Recovery
- Automated data backup and rapid recovery procedures.
- Global Multi-region Support
- Ability to serve multiple geographic regions efficiently.
- High Availability/Uptime
- System design supporting minimal downtime.
- Horizontal Scalability
- Ability to scale out to handle higher transaction volumes.
- Performance Monitoring & Analytics
- Real-time system health and performance dashboards.
Extensibility and Customization
Allows insurers to extend, tailor, or embed the engine’s capabilities as business needs evolve.
- Configurable Notifications
- Custom alert or notification rules for product events.
- Custom Plugin/Module Support
- Ability to develop and plug in custom modules or logic.
- Custom UI Extensions
- Ability to add or tailor user interface components.
- Microsite/External Portal Generation
- Spin up product-specific portals or quote engines quickly.
- Open API Specification Compliance
- Conforms to industry standards (e.g., OpenAPI, Swagger) for APIs.
- Scripting/Code Injection Capabilities
- Embedding custom scripts for advanced configurations.
- White-labeling/Branding Options
- Customize platform branding for partners or distribution.
Integration and Interoperability
The ability of the platform to connect and exchange data with external systems (core insurance, CRM, payment, rating engines, etc).
- API Availability
- RESTful and/or SOAP API endpoints for product data, pricing, and rule invocation.
- Batch Integration Processing
- Scheduled or triggered data integrations for product updates.
- Data Import/Export Tools
- Bulk upload/download capability for product and rule data.
- Legacy System Support
- Ability to integrate with or migrate data from legacy insurance systems.
- Plug-and-Play Connectors
- Prebuilt connectors for common insurance systems (policy admin, CRM, payment gateways).
- Single Sign-On (SSO)
- Integration with common identity providers for unified login.
- Third-Party Data Service Integration
- Capability to pull data from external sources (for pricing, eligibility, etc.).
- Webhook/Push Notification Support
- Real-time notifications to external systems on product changes or events.
Pricing and Rating Engine
Tools and features to define, simulate, and update pricing, rating, and premium calculation for insurance products.
- Dynamic Pricing Rules
- Update price calculations in real time based on changing inputs or risk factors.
- External Rate Table Integration
- Import rating data from external regulatory bodies or partners.
- Flexible Rating Models
- Supports multiple rating/actuarial models (e.g., tiered, dynamic, usage-based).
- Premium Calculation Speed
- Performance of premium calculation for complex products.
- Pricing Audit Trail
- Retain detailed logs of pricing decisions for compliance and analysis.
- Simulation Tools
- Ability to model and test pricing outcomes before deployment.
- Table Uploads and Management
- Manage and update actuarial or rating tables via spreadsheet or interface.
- Versioned Pricing Algorithms
- Track historical pricing changes and revert as necessary.
Product Definition and Management
Features that support the creation, configuration, and ongoing management of insurance products, coverages, and variations.
- Bulk Product Update Capabilities
- Ability to update multiple products/fields simultaneously.
- Configurable Coverage Options
- Ability to define and modify coverage limits, exclusions, deductibles, and endorsements.
- Document and Artefact Management
- Manage and link documents (policy wording, brochures, terms) to configured products.
- Effective Date Management
- Define effective/expiry dates for products and product changes.
- Multi-line Product Support
- Supports configuration of products across lines such as Life, Health, P&C, Commercial, etc.
- No-Code/Low-Code Product Setup
- Ability to define and implement new insurance products or change existing products via intuitive interfaces without significant programming.
- Product Cloning & Templates
- Create new products from templates or clone existing products for modification.
- Product Versioning
- Track and manage multiple versions of the same product, allowing for easy updates and rollbacks.
- Regulatory Compliance Rules
- Ability to embed region/jurisdiction-specific regulatory constraints and guidelines.
- Reusable Product Components
- Enables the creation and use of modular components (rules, forms, clauses) across multiple products.
- Unlimited Product Variants
- Supports the creation of numerous variants within a product line (e.g., differing terms, coverages, regions).
Rule and Workflow Engine
Features supporting complex business logic, underwriting rules, and process workflows for insurance products.
- Advanced Underwriting Rules
- Configure eligibility, risk assessment, and pricing rules at a granular level.
- Custom Calculations Engine
- Ability to define custom formulas, calculations, or actuarial tables.
- Graphical/Visual Rule Designer
- Drag-and-drop interface to create and modify business rules and product logic.
- Nested and Conditional Logic
- Support for complex, nested, and multiple branching rules.
- Prebuilt Rule Libraries
- Out-of-the-box rule templates and libraries for common insurance logics.
- Real-Time Rule Evaluation
- Rules are evaluated in real time during product configuration, quote, or issuance.
- Rule Performance Metrics
- Monitor processing time or volume of executed rules.
- Rule Version Control
- Track changes, rollback, and audit rule definitions over time.
- Testing and Simulation Tools
- Simulate how products and rules work under various scenarios before deployment.
- Workflow Automation
- Design and automate product-related workflows (e.g., approval, issuance, endorsement).
Security and Compliance
Capabilities to ensure data security, privacy, auditability, and meeting regulatory requirements.
- Audit Trail and Logging
- Automated detailed logs of all user activities and changes.
- Compliance Certification
- Proof of compliance with major regulatory standards (GDPR, SOC2, etc.).
- Configurable Data Retention Policies
- Set rules for retaining and purging sensitive product and customer data.
- Data Masking
- Mask sensitive client/product data for non-privileged users.
- End-to-End Data Encryption
- Encryption of data in transit and at rest.
- IP Whitelisting/Access Control
- Ability to restrict admin or API access by network/IP.
- Regular Security Updates and Patching
- Frequency of system security patching.
- Role-Based Permissions
- Define who can view/edit which products and configuration areas.
Testing, QA, and Sandbox Environments
Quality assurance capabilities, including dedicated environments for testing product definitions, rules, and integrations.
- Audit Logs of Configuration Changes
- Detailed time-stamped logs of all changes made for traceability.
- Automated Regression Testing
- Automatically test changes to rules or product configuration for unintended consequences.
- Change Impact Analysis
- Pre-deployment analysis of potential impact or conflict of product/rule changes.
- Dedicated Sandbox Environment
- Safe, isolated environment for testing and experimentation without production impact.
- Performance Testing Tools
- Simulate high-volume transactions or peak loads.
- Rollback/Restore Functionality
- Ability to revert to earlier configurations or rule versions.
- Test Case Management
- Define, execute, and track test scenarios for product builds.
- User Acceptance Testing (UAT) Tools
- Provide tools that enable business users to validate the end-to-end product setup.
User Experience and Accessibility
Capabilities that ensure users (business, actuary, partner) can easily configure, test, and launch products.
- Accessibility Compliance
- Conformance to accessibility standards (e.g., WCAG).
- Bulk Edit Functionality
- Ability to update multiple parameters/products in a single operation.
- Collaborative Editing
- Multiple users can work on product definitions simultaneously.
- Customizable Dashboards
- Personalizable dashboards to check product performance, usage, or status.
- Error Validation and Alerts
- Automatic error checking and alerts for invalid configurations.
- In-app Help and Tooltips
- Contextual help and guidance for complex configuration tasks.
- Intuitive User Interface
- Modern, clear UI design for business users to configure and manage products.
- Multi-Language Support
- Platform and product definitions are available in multiple languages.
- Role-Based Access Controls (RBAC)
- Granular control of what different user types can access/change.