New Workshop Offering to Help Insurers Streamline Their Insurance Product Portfolio

Using a methodology proven in engagements with some of North America’s largest insurers, we have worked with insurers to develop a best practice insurance product architecture.   As part of the architecture, common product baselines are created by identifying relationships and commonalities across products within the insurer’s product portfolio.  Once the baselines are created, the insurer can accelerate the development of new or the modification of existing products, re-use coverages, implement state filing requirements quicker and create packaged insurance products faster to meet market demands.

After having significant success in helping our customers optimize their portfolios to maximize revenue potential, get a head start on core system replacement and achieve enterprise product agility, we have decided to offer Insurance Product Portfolio Rationalization Workshops as a standalone offering.

According to Chad Hersh, Principal, Insurance Practice, Novarica “The impact of the recent economic crisis has forced insurers to rejuvenate their growth strategies prompting them to take a more strategic view of their insurance product portfolio. Just as the automakers needed to re-examine their product portfolios as they could no longer afford to build almost identical models to be sold as separate brands, insurers must reduce product duplication and simplify product offerings to remain competitive and to quickly meet changing market needs. And for those that are considering a core system replacement or renovation, or are in the midst of such an initiative, insurance product portfolio rationalization can provide a head start.”

The Insurance Product Portfolio Rationalization Workshop helps insurers identify insurance product component similarities and redundancies; commonality of coverages; standardize product data and unify previously disparate lines of business; and eliminate duplicate or unprofitable products. By the end of the workshop, insurers are able to determine which of their products they should continue to sell or maintain and which to discontinue and run off, while examining the pricing, marketing, and distribution of remaining products.

The Insurance Product Portfolio Rationalization Workshop is a fixed price services engagement which includes:

• Collaborative on-site consultation with your team and Camilion subject matter experts
• Inventory and analysis of your insurance product portfolio
• Identification of commonalities within the portfolio
• Rationalization process
• Development of an enterprise-wide insurance product architecture

Pricing and timelines for the workshop vary based on the number of insurance products in the insurer’s product portfolio. For more information or to inquire about scheduling a workshop, please contact tracy.staniland@camilion.com or 1.866.226.4546 ext. 3454.

Read the Paper

To learn more about how insurance product rationalization can benefit your business, download the white paper “Making the Case for Product Rationalization”.

“The impact of the recent economic crisis has forced insurers to rejuvenate their growth strategies prompting them to take a more strategic view of their insurance product portfolio."