Insurance Software consolidates product development activities.
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Press Release Summary:
Designed to power Authority Suite®, ProductAuthority® v6.7 gives insurers ability to leverage ISO data, centralize all product information in product repository, and audit product development processes. Software provides support for multi-location, multi-stream concurrent product configuration, enabling geographically dispersed product development and IT teams to work together. Audit capabilities ensure compliance with DOI and Sarbanes-Oxley regulatory requirements.
Original Press Release:
Camilion Solutions(TM) Authority Suite® Enables Concurrent Product Development and Compliance for All ISO Lines of Business
ISOTECH 2009, LAKE BUENA VISTA, FL, Nov. 16 /- Camilion Solutions(TM), a leading provider of insurance product development solutions and modern P&C policy administration systems that create enterprise product agility, today announced the general availability of ProductAuthority(R) version 6.7, the product development and management solution that powers Authority Suite(R). With this latest version of ProductAuthority, Authority Suite now has enhanced concurrent product development and compliance capabilities that enable insurers to bring compliant products to market faster, easier and more cost-effectively. With the ability to leverage ISO data, centralize all product information in a product repository and audit product development processes to ensure regulatory compliance, insurers gain the peace-of-mind that the product they initially designed is actually the product that they developed, filed, sold and administered.
Powered by ProductAuthority, Authority Suite is a modern, flexible, rules and tools-based P&C policy administration system that supports all ISO and non-ISO lines of business. The solution has sophisticated product configuration capabilities that enable the fast and easy inheritance and re-use of existing product components to accelerate product development. Through the Lifecycle Manager functionality in ProductAuthority, Authority Suite users will also be able to collaboratively manage the product development process including insurer-specific ISO product deviations. Automated workflows dramatically reduce the time and effort required to get new products and product changes out the door and the ability to track and manage all participants, tasks and approvals enables insurers to rapidly identify and eliminate bottlenecks.
ProductAuthority also now provides Authority Suite customers with market-leading support for multi-location, multi-stream concurrent product configuration. This enables large, geographically-dispersed product development and IT teams to work together more efficiently and effectively and develop multiple products concurrently to better service their producers and capitalize on additional revenue opportunities.
"The ability to concurrently develop and modify products enables insurers to quickly respond to changing market conditions with the right products at the right time, and significantly enhance revenue," said Ross Orrett, President & CEO, Camilion Solutions. "Product information is often hard-coded in multiple legacy systems, which requires expensive, time-consuming IT effort and impedes product agility - the flexibility required to develop more than one product at a time and make product changes quickly and easily. Our enterprise software solutions bring concurrency, consistency and auditability to the entire product development process increasing an insurer's capacity to get quality products to market faster."
ProductAuthority version 6.7 offers insurers enhanced audit capabilities to ensure compliance with Department of Insurance (DOI) and Sarbanes-Oxley (SOX) regulatory requirements. In the event that a compliance issue or question arises, users can quickly identify who changed what in the product when. In addition to helping insurers maintain product quality and manage risk, detailed audit trails also contribute to speed to market by allowing insurers to quickly identify changes to products.
In addition to Oracle database support, ProductAuthority is now supported on the IBM DB2 database, which is widely deployed in the insurance industry. As an IBM advanced partner, Camilion has been incorporated into IBM's Insurance Process Acceleration Framework. Powered by a service-oriented architecture (SOA) and leveraging innovative applications from leading independent software vendors like Camilion, this framework lets insurers build smarter, faster and more flexible processes.
About Camilion Solutions(TM) Inc.
Camilion Solutions, Inc. (www.camilion.com) is a leading provider of world-class insurance product development solutions and modern P&C policy administration systems that create product agility. With some of the world's largest insurers as customers, Camilion uses its deep knowledge of the insurance industry to enable insurers to concurrently develop or modify quality products, get these products to market faster, automate underwriting, enable straight-through processing, and deploy a modern technology platform - all while mitigating risk and reducing costs. Founded in 2001, Camilion is a privately owned corporation with offices in Toronto and New York.
ProductAuthority(R), Authority Suite(R) and related names are trademarks of Camilion Solutions, Inc. All other products and services mentioned are trademarks of their respective companies.
CONTACT: Gwen Lannaman, Camilion Solutions, O: (905) 482-3452, M: (905) 992-9557, gwen.lannaman@camilion.com
