{"id":2198,"date":"2024-04-03T11:49:50","date_gmt":"2024-04-03T11:49:50","guid":{"rendered":"https:\/\/dev.opendesignsin.com\/insillion\/?p=2198"},"modified":"2025-12-16T05:06:02","modified_gmt":"2025-12-16T05:06:02","slug":"agile-insurance-product-creation-insillion","status":"publish","type":"post","link":"https:\/\/dev.opendesignsin.com\/insillion\/blog\/agile-insurance-product-creation-insillion","title":{"rendered":"How Insillion Helps P&#038;C Carriers Overcome Insurance Product Development Challenges"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1339.52px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\" data-scroll-devices=\"small-visibility,medium-visibility,large-visibility\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><h2><strong>Importance of Agility in Insurance<\/strong><\/h2>\n<p><a href=\"https:\/\/dev.opendesignsin.com\/insillion\/blog\/insurance-core-system-modernization-product-launch\">Insurance product creation<\/a> is a critical process for P&amp;C carriers as they respond to evolving customer demands and emerging distribution channels. Carriers may need to develop new products to serve niche segments, meet regulatory requirements, or modify existing ones to support new parameters or distribution options.<\/p>\n<p>However, traditional product development methods are often time-consuming and costly, limiting carriers&#8217; ability to respond quickly to market needs.<\/p>\n<h2><strong>P&amp;C Carrier Product Creation Conundrum<\/strong><\/h2>\n<p>A major challenge for carriers lies in the return on investment (ROI) for new product development. Creating and launching new insurance products often requires multiple iterations to find the optimal product-channel mix. If development costs outweigh potential returns, it becomes difficult for carriers to justify launching innovative offerings.<\/p>\n<h2><strong>Traditional Approach to Insurance Product Creation<\/strong><\/h2>\n<ul>\n<li>Underwriters create an Excel calculator containing rating and premium logic.<\/li>\n<li>Business Analysts draft a Business Requirement Document for developers.<\/li>\n<li>Developers code the application from scratch based on the Excel and BRD.<\/li>\n<li>BA teams test functionality.<\/li>\n<li>Quality Control testing is conducted for bugs.<\/li>\n<li>Carriers complete User Acceptance Testing.<\/li>\n<\/ul>\n<p><strong>Average Time to Market: 2\u20134 months<\/strong><\/p>\n<h2><strong>Challenges with the Traditional Approach<\/strong><\/h2>\n<ul>\n<li><strong>Resource Intensive:<\/strong> High dependency on development resources, leading to increased costs and extended timelines.<\/li>\n<li><strong>Missed Opportunities:<\/strong> Delayed launches can mean missed market windows.<\/li>\n<li><strong>Requirement Gaps:<\/strong> Developers often lack deep insurance domain knowledge, resulting in suboptimal solutions.<\/li>\n<li><strong>Difficult Modifications:<\/strong> Product changes require developer involvement, making updates costly and slow.<\/li>\n<li><strong>Distribution Delays:<\/strong> Adding APIs and portals for distribution further extends development time.<\/li>\n<\/ul>\n<h2><strong>Insillion Approach to Insurance Product Creation<\/strong><\/h2>\n<p>Recognizing the knowledge-transfer gap in traditional workflows, Insillion <a href=\"https:\/\/dev.opendesignsin.com\/insillion\/products\/product-launch\">insurance product configurator<\/a> empowers insurance domain experts\u2014such as actuaries, pricing teams, and underwriters\u2014to use their Excel expertise directly within the platform.<\/p>\n<h2><strong>How Insillion Accelerates Speed-to-Market:<\/strong><\/h2>\n<ul>\n<li>Underwriters or BAs create a product rater in Excel.<\/li>\n<li>The Excel is uploaded to Insillion&#8217;s <a href=\"https:\/\/dev.opendesignsin.com\/insillion\/products\/excel-to-api\">Insurance Spreadsheet-to-API platform<\/a>.<\/li>\n<li>Distribution assets such as <a href=\"https:\/\/dev.opendesignsin.com\/insillion\/products\/distribution\">insurance portals and APIs<\/a> are automatically generated.<\/li>\n<li>QC testing is conducted.<\/li>\n<li>Carriers complete UAT\n<p><strong>Average Time to Market: 3\u20134 weeks<\/p>\n<p><\/strong><img decoding=\"async\" class=\"lazyload aligncenter\" style=\"font-size: 16px;\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-orig-src=\"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2024\/04\/Insillion-Product-Creation-Process.svg\" alt=\"Insillion Insurance Product Builder Process\" \/><\/li>\n<\/ul>\n<h2><strong>Why P&amp;C Carriers Choose Insillion<\/strong><\/h2>\n<ul>\n<li><strong>Faster Product Cycles: <\/strong>Reduce developer dependency and shorten production timelines. INSILLION is pre-built and deployable out of the box.<\/li>\n<li><strong> Simplified Product Setup: <\/strong>With a low learning curve and Excel-driven configuration, <a href=\"https:\/\/dev.opendesignsin.com\/insillion\/blog\/insurance-rating-software-for-mgas\">product and IT teams can manage rating logic<\/a>, business rules, and referrals without writing any code.<\/li>\n<li><strong> Out-of-the-Box Features: <\/strong>Products built on Insillion include built-in tools to <a href=\"https:\/\/dev.opendesignsin.com\/insillion\/blog\/digital-insurance-mga\">accelerate launches and simplify post-go-live changes<\/a>.<\/li>\n<li><strong> Excel-Powered Flexibility: <\/strong>Supports over 250+ Excel functions. Once uploaded, Excel files are converted into code and don\u2019t require separate tools for distribution.<\/li>\n<li><strong> Continuous Improvement and Governance: <\/strong>Carriers can revise products during development or after launch. Version control, automated regression testing, and a maker-checker approval system ensure quality and accountability.<\/li>\n<\/ul>\n<p>With INSILLION, carriers can build, launch, and scale insurance products while minimizing the ROI burn. In today\u2019s fast-changing landscape, speed-to-market is essential and INSILLION makes it achievable through agility, automation, and ease of use.<\/p>\n<h2 class=\"fusion-title-heading title-heading-left\">Frequently Asked Questions<\/h2>\n<\/div><div class=\"accordian fusion-accordian\" style=\"margin-top:8px;--awb-margin-top:8px;--awb-border-size:1px;--awb-icon-size:16px;--awb-content-font-size:var(--awb-typography4-font-size);--awb-icon-alignment:right;--awb-hover-color:var(--awb-color2);--awb-border-color:var(--awb-color3);--awb-background-color:var(--awb-color1);--awb-divider-color:var(--awb-color3);--awb-divider-hover-color:var(--awb-color3);--awb-icon-color:var(--awb-color6);--awb-title-color:var(--awb-color7);--awb-content-color:var(--awb-color6);--awb-icon-box-color:var(--awb-color8);--awb-toggle-hover-accent-color:var(--awb-color7);--awb-toggle-active-accent-color:var(--awb-color6);--awb-title-font-family:var(--awb-typography1-font-family);--awb-title-font-weight:var(--awb-typography1-font-weight);--awb-title-font-style:var(--awb-typography1-font-style);--awb-title-font-size:16px;--awb-content-font-family:var(--awb-typography4-font-family);--awb-content-font-weight:var(--awb-typography4-font-weight);--awb-content-font-style:var(--awb-typography4-font-style);\"><div class=\"panel-group fusion-toggle-icon-right fusion-toggle-icon-unboxed\" id=\"accordion-2198-1\"><div class=\"fusion-panel panel-default panel-78779a24814a7e0fd fusion-toggle-no-divider fusion-toggle-boxed-mode\" style=\"--awb-title-color:var(--awb-color8);--awb-content-color:var(--awb-color6);\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_78779a24814a7e0fd\"><a aria-expanded=\"false\" aria-controls=\"78779a24814a7e0fd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-2198-1\" data-target=\"#78779a24814a7e0fd\" href=\"#78779a24814a7e0fd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon fa-angle-up fas\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon fa-angle-down fas\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Which pandc policy administration system streamlines new product launches?<\/span><\/a><\/h4><\/div><div id=\"78779a24814a7e0fd\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_78779a24814a7e0fd\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Among the solutions available in the market, Insillion is a <span style=\"color: #166aac;\"><a id=\"menur7f1\" class=\"fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn\" style=\"color: #166aac;\" title=\"https:\/\/dev.opendesignsin.com\/insillion\/carrier\/north-america\" href=\"https:\/\/dev.opendesignsin.com\/insillion\/carrier\/north-america\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Link Pay-as-you-Grow Policy Administration System\">Pay-as-you-Grow Policy Administration System<\/a> <\/span>that streamlines new product launches by leveraging existing rating spreadsheets (Rater-Excels) to jumpstart the product creation process. This approach helps P&amp;C carriers reduce both product launch timelines and overall costs.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-bb44e59c5bdb9ca78 fusion-toggle-no-divider fusion-toggle-boxed-mode\" style=\"--awb-title-color:var(--awb-color8);--awb-content-color:var(--awb-color8);\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_bb44e59c5bdb9ca78\"><a aria-expanded=\"false\" aria-controls=\"bb44e59c5bdb9ca78\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-2198-1\" data-target=\"#bb44e59c5bdb9ca78\" href=\"#bb44e59c5bdb9ca78\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon fa-angle-up fas\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon fa-angle-down fas\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">How to launch insurance products quickly with integration solutions?<\/span><\/a><\/h4><\/div><div id=\"bb44e59c5bdb9ca78\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_bb44e59c5bdb9ca78\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>P&amp;C carriers can launch insurance products quickly by <span style=\"color: #166aac;\"><a id=\"menur7f3\" class=\"fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn\" style=\"color: #166aac;\" title=\"https:\/\/dev.opendesignsin.com\/insillion\/thought-leadership\/insurance-core-system-modernization-benefits\" href=\"https:\/\/dev.opendesignsin.com\/insillion\/thought-leadership\/insurance-core-system-modernization-benefits\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Link externalizing the product and underwriting layer\">externalizing the product and underwriting layer<\/a> <\/span>using middleware platforms like Insillion, which also function as integration hubs. This accelerates time to market and provides product and IT teams with a low-code configuration platform to modify and update product rules efficiently.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-d552c0532db41867b fusion-toggle-no-divider fusion-toggle-boxed-mode\" style=\"--awb-title-color:var(--awb-color8);--awb-content-color:var(--awb-color8);\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_d552c0532db41867b\"><a aria-expanded=\"false\" aria-controls=\"d552c0532db41867b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-2198-1\" data-target=\"#d552c0532db41867b\" href=\"#d552c0532db41867b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon fa-angle-up fas\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon fa-angle-down fas\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">How can insurance APIs speed up product launches?<\/span><\/a><\/h4><\/div><div id=\"d552c0532db41867b\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_d552c0532db41867b\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Insurance APIs generated by middleware platforms like Insillion can speed up product launches by enabling seamless integrations with internal systems such as underwriting and rating engines and external systems, including aggregator APIs and distribution partner platforms.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Product creation is a crucial process for carriers as new customer requirements and distribution channels emerge<\/p>\n","protected":false},"author":1,"featured_media":776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[25],"class_list":["post-2198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-debitis"],"acf":{"event_date":null,"author_name":"Insillion Team","author_image":{"ID":3134,"id":3134,"title":"","filename":"Favicon-2.png","filesize":7655,"url":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","link":"https:\/\/dev.opendesignsin.com\/insillion\/blog\/digital-insurance-mga\/attachment\/favicon-2-2","alt":"Insillion Favicon","author":"1","description":"","caption":"","name":"favicon-2-2","status":"inherit","uploaded_to":3170,"date":"2025-07-31 10:29:21","modified":"2025-10-24 06:43:18","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/dev.opendesignsin.com\/insillion\/wp-includes\/images\/media\/default.png","width":400,"height":400,"sizes":{"thumbnail":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-300x300.png","medium-width":300,"medium-height":300,"medium_large":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","medium_large-width":400,"medium_large-height":400,"large":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","large-width":400,"large-height":400,"1536x1536":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","1536x1536-width":400,"1536x1536-height":400,"2048x2048":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","2048x2048-width":400,"2048x2048-height":400,"blog-large":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-400x272.png","blog-large-width":400,"blog-large-height":272,"blog-medium":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-320x202.png","blog-medium-width":320,"blog-medium-height":202,"recent-posts":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","recent-posts-width":400,"recent-posts-height":400,"recent-works-thumbnail":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-66x66.png","recent-works-thumbnail-width":66,"recent-works-thumbnail-height":66,"fusion-200":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-200x200.png","fusion-200-width":200,"fusion-200-height":200,"fusion-400":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","fusion-400-width":400,"fusion-400-height":400,"fusion-600":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","fusion-600-width":400,"fusion-600-height":400,"fusion-800":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","fusion-800-width":400,"fusion-800-height":400,"fusion-1200":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","fusion-1200-width":400,"fusion-1200-height":400,"portfolio-full":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2.png","portfolio-full-width":400,"portfolio-full-height":400,"portfolio-one":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-400x272.png","portfolio-one-width":400,"portfolio-one-height":272,"portfolio-two":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-400x295.png","portfolio-two-width":400,"portfolio-two-height":295,"portfolio-three":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-300x214.png","portfolio-three-width":300,"portfolio-three-height":214,"portfolio-five":"https:\/\/dev.opendesignsin.com\/insillion\/wp-content\/uploads\/2025\/07\/Favicon-2-177x142.png","portfolio-five-width":177,"portfolio-five-height":142}}},"_links":{"self":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/posts\/2198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/comments?post=2198"}],"version-history":[{"count":15,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/posts\/2198\/revisions"}],"predecessor-version":[{"id":3969,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/posts\/2198\/revisions\/3969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/media\/776"}],"wp:attachment":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/media?parent=2198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/categories?post=2198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/tags?post=2198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}