Open source insurance product system - Faktor-IPS

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Overview

Faktor-IPS, the product system for insurance companies

Faktor-IPS enables you to define and design modular products and services centrally for all sales channels and back-end systems in your company, and takes advantage of modern, transparent interfaces and extensive functionality. Faktor-IPS can be used for all types of insurance.

Model-driven approach – Faktor-IPS guarantees success

The model-driven approach means that Faktor-IPS is much more than a product system. Faktor-IPS generates Java code from the defined product and contract models. This code can then be used directly for your system applications (offer, contract systems etc.), as well as for the integration with the interfacing systems. There is always the option of changing the code manually and extending the model.

Faktor-IPS as a development platform for quotations/offers, claims and policy systems

In conjunction with linkki, our open source interface framework, Faktor-IPS forms the development platform for our core insurance solutions and for our suite. Our customers also use Faktor-IPS to develop their own solutions (offer and policy systems). The benefits include fast time-to-market and low maintenance efforts.

Key Features

  • user-friendly editors for creating, editing and documenting the insurance model and the respective insurance products
  • easy-to-use wizards for the creation and maintenance of product components, calculations and tables
  • simple mapping of sales variants and product generations
  • flexible testing (regression testing) and documentation of products and models
  • generated Java source code, that can easily be extended and adapted
  • access to model and product information at runtime

Key Benefits

  • flexible, bespoke model: organizational departments use the same product system
  • user-friendly product maintenance: easy creation and maintenance of specialist models and product knowledge
  • white labeling: multi-sales channel support and campaign capability
  • multi-lingual: Faktor-IPS can be localized and product data can be maintaned in multiple languages
  • testing: quality assurance of product data through test support for the specialist department
  • speed and flexibility: thanks to the model-driven approach, contact and product models can easily be extended
  • short time-to-market: central repository for the definition of products, which all systems can access
  • Java technology: Faktor-IPS is 100% based on a Java platform
  • model-driven approach: accelerated development and clean source code thanks to modeling and automatic code generation
  • independent runtime component: Faktor-IPS does not require any external dependencies; our runtime component is less than 1 MB in size
  • open source: Faktor-IPS is transparent and expandable

Product/Service details