LURE liquid underwriting + rating engine, a fluid, agile insurance product and policy administration
LURE liquid underwriting + rating engine is new digital insurance product management and policy administration system [PAS]. It allows easy configuration of all types of insurance and related products by business subject matter experts. The LURE product configurations can be used by any external PAS using API calls. They also automatically configure the LURE on-board PAS, so that full-cycle policy sales and administration is immediately available in LURE for all new and changed products.
The LURE platform includes an on-board migration bridge for on-boarding legacy portfolios. It also includes an on-board product simulation and testing tool to assist with new product development and deployment.
The five key service components of LURE are as follows.
*Product Factory - Defines the archetype data and calculations for each line-of-business.
*Product Engine - Extends the Product Factory to create and service individual products.
*Policy Administration System - An empty data container, plus a set of generic software services, which are 100% configured by the products in the Product Engine above.
*Migration Bridge - Seamlessly on-board, scrub, normalize, and merge external portfolios.
*Workbench - Model and build new business products; test and deploy existing ones.
LURE is installed in your own Azure PaaS subscription and configured to your requirements. IDIOM adds an additional charge each month to your Microsoft Azure subscription costs for use of LURE, providing a low-cost, PAYG full-cycle insurance system. Total costs are likely to be a few dollars per policy per year, depending on your specific configuration.
Download the LURE Brochure for more details.
IDIOM has partners worldwide who can help you to configure and implement your new insurance system. Please call us or visit our website www.idiomsoftware.com for more details.