Insurers are focused on becoming faster and more agile in their ability to deliver new products and services to both new and established markets. But while product development is traditionally overlooked in technology acquisition, to be successful, work management tools are necessary to increase the speed needed to improve this highly transactional, approval-based and information-heavy business process.
The OnBase Insurance Solution provides Product Development with the ability to efficiently manage the work process surrounding new product creation and implementation strategy. OnBase manages the work processes and required approvals, from document creation and version control to the interaction among stakeholders as the product is developed, rates and rules are established and processes are documented.
Final product information can be easily disseminated through reading groups to ensure that underwriters and agents/brokers are notified of the details of new product to help assimilate them into the market faster.