Camilion Solutions, a provider of insurance product development solutions and P&C policy administration systems, has introduced the ProductAuthority version 6.7, the product development and management solution that powers Authority Suite.
With this latest version of ProductAuthority, Authority Suite now has enhanced concurrent product development and compliance capabilities that enable insurers to bring compliant products to market faster, easier and more cost-effectively. Powered by ProductAuthority, Authority Suite is a rules and tools-based P&C policy administration system that supports all ISO and non-ISO lines of business.
The solution has product configuration capabilities that enable the fast and easy inheritance and re-use of existing product components to accelerate product development.
Through the Lifecycle Manager functionality in ProductAuthority, Authority Suite users will also be able to collaboratively manage the product development process including insurer-specific ISO product deviations. Automated workflows dramatically reduce the time and effort required to get new products and product changes out the door and the ability to track and manage all participants, tasks and approvals enables insurers to rapidly identify and eliminate bottlenecks.
ProductAuthority version 6.7 offers insurers enhanced audit capabilities to ensure compliance with Department of Insurance (DOI) and Sarbanes-Oxley (SOX) regulatory requirements. In the event that a compliance issue or question arises, users can quickly identify who changed what in the product when.