Neutrinos Product Configurator Solution
Overview
Neutrinos’ Newsprout Product Configurator is a comprehensive solution that simplifies the rollout and integration of new products across the insurance application landscape. It is typically a complex application development and integration exercise to launch new products due to the need to configure product rules across different processes such as product recommendation, illustration, quote, policy issuance, claims etc. Neusprout solves these challenges elegantly by providing a single source of truth for product configurations and rules that can be orchestrated across the entire digital process landscape, bringing consistency, speed and simplicity in product configuration.
Neusprout has been implemented in insurance sales and servicing journeys for major insurers across risklines. The product configurator helped these clients cut down product launch times by more than 5X, reducing timelines from several months to just weeks, and eliminating IT dependency for product pricing rules, recommendation rules and quote management configuration. It proved instrumental in solving a major bottleneck in insurance digital transformation by moving the product rulesets, typically set in legacy systems, into the cloud with an API form factor, thereby decoupling digital initiatives from legacy changes and performance constraints.
Neusprout manages the product lifecycle across configuration, rules configuration for discovery, calculations and validations. Built on the Neutrinos Composable Digitalization Platform, it is easy to integrate this API-led product into different digital experience and process applications. Rules can be configured, tested and simulated by business users without IT and Policy Admin Systems’ involvement.
Key Features
No Code Application - Completely managed by business users with no coding
Product Library: Neusprout provides a library of prebuilt product rule templates for multiple product types across life, health and P&C insurance.
One click product versioning and cloning capability minimizes the chances of misconfiguration and simplifies simulation testing of different rulesets.
Rule builder and Formula builder with drag and drop features make it easy for business users to configure product rules.
Sandbox with bulk testing capabilities make Neusprout a complete, standalone solution for product configuration, testing and deployment.
Full API-enabled: Neusprout follows an API-led architecture that makes it channel-agnostic, easily integrated, secure and observable. It also enables a clear separation of concerns between different experience and process application development efforts and the new product launch initiatives.
Key Benefits
Faster Time to Market: New product launch times improved to just weeks, from 3-6 months previously. Configuring products with various use cases across the life cycle - benefit set up, eligibility, product recommendation, quotation, Underwriting, Policy servicing, Claim adjudication at a rapid pace.
Product development cost is lowered overall as the need to configure product rules in different applications is eliminated, as well as the need to involve IT / LOB technology teams. Rules configuration can be done entirely by business users with a simple, intuitive tool.
Multi Product Line capability : Neusprout is product line agnostic. All types of Insurance products can be configured, bringing process standardization and consistency in product development practices.
Accurate, up-to-date product configuration and rules are made available across all processes, eliminating errors and non-compliances.