Exaxe, a leading supplier of software and services to the Life & Pensions industry, today announces the launch of its new Configurator Plus® solution, which is the latest addition to the Exaxe Insurance Product Suite. Configurator Plus addresses the core of the product development process for Life & Pensions providers. It supports rapid time-to-market for new products, and product changes, allowing a life provider or a Life & Pensions outsourcer to stay at the forefront of product development in a highly competitive market.
Configurator Plus is an advanced product configuration application for Life & Pensions companies, which is independent of any one back office system. The system is architected to integrate openly and efficiently with new and old technology systems. The key features include:
1. Product Component Libraries (Benefits, Rules, Calculations, Tables, Parameters)
2. Product Development Application
3. Fully-populated Test Harness
4. Service Interfaces to multiple functional systems
5. Sales Channel/ Partner Deal Management Facilities
Philip Naughton, Executive Business Development Director of Exaxe, notes:
“Bringing products to market quickly and cost-effectively, and changing existing product features when required, is one of the key challenges life & pensions providers face in the next couple of years. Life offices (and outsourcers) must continue to innovate, and respond to competitive product developments in their marketplace”.
“Historically, product development was a project-based activity. Today however, by the time the project-based approach delivers the innovation cycle has moved on. Product Development and Maintenance should be measured in days not months. The ambition of product managers is to deliver more product development faster and more cost-effectively.”
According to Kimberly Harris-Ferrante, Research Vice President, Gartner, Inc.,
“Product innovation and getting new products to market quickly are key to ensuring a competitive position in the life insurance and pensions market. Technology can give product managers and actuaries visibility into their product portfolio, reduce the cost and time required for new product development and help bridge the gap between product design and implementation. The use of product configurators will set the foundation for product management and innovation.”
Philip Naughton continues:
“Exaxe has responded to this industry demand for an application that co-ordinates the system product development and maintenance process for the entire product development life cycle. We believe that this launch means Exaxe is at the forefront in developing these important product configuration tools.”