Introduction

Welcome to the Digital Insurance Product Library (DIPL), an advanced insurance product modelling engine from InsureMO. Designed for product managers, analysts, and IT teams, DIPL provides a comprehensive set of tools to support your insurance product research and development.

DIPL helps bridge the gap between product manufacturers and distributors by providing pre-available templates and product element contents, fostering innovation and enabling rapid product implementation.

Core Concepts Of DIPL

DIPL provides

• Product Catalog: A curated list of over 3,000 industry-standard base products and SKUs across 30 countries.
• Element Library: Building blocks for insurance products, including Coverages, Fields, Rules, Clauses, Taxes, etc.
• Global Products: Common product templates for different regions.
• Private Library: A system for customizing and managing private products and elements.

The true power of DIPL emerges when you start using it, allowing you to accelerate product development with out-of-the-box insurance products and APIs.

Key Areas of DIPL

Global Products

Global Products provides a standardized set of templates designed for quick deployment and customization in various markets. With over 3,000 base products, DIPL provides an extensive selection of templates tailored to different countries and regions.

• Browse templates for General Insurance, Life Insurance, and so on.
• Modify these products in your Private Library to meet your unique market requirements.

Global Elements

Global Elements provides the building blocks for insurance products. The element library includes:

• Coverages
• Fields
• Clauses
• Rules
• Tables
• Taxes

These elements are maintained by DIPL to ensure standardization and consistency across products and to facilitate customization in Private Library.

My Products and My Elements

DIPL empowers users to:

• Clone global products and elements into their own private library for customization.
• Create products or elements from scratch using the available building blocks.
• Use predefined elements to accelerate the product design process.

Product Modelling Tools

DIPL provides a comprehensive set of product modelling tools that enable fast and flexible creation and customization of insurance products. Below are some key features of the product modelling tools:

• Bulk Add: Quickly create elements in bulk using the Bulk Add feature, streamlining the setup of complex products.
• Import from Element Library: Easily import pre-existing elements from the extensive Element Library to create or extend products.
• Custom Attributes: Extend the native DIPL product model by defining your own custom attributes to meet specific market needs and requirements.
• Indicators: Clearly indicate an element’s origin layer and any user actions for better traceability and management.
• Domain and Rate Tables: Create and manage Domain and Rate Tables using an online editor or Excel data, allowing for versatile product definitions.
• Layers and Variations: Set up dependencies via layers and create variations of your products to cater to different market segments or regulatory requirements.
• Edit, Delete, and Discard: Modify your customizations on the fly with the ability to edit, delete, or discard changes during the modelling process.
• Validation and Testing during Design Time: Validate and see your changes dynamically while designing products using the Product Execution Service (ExPro), ensuring consistency and accuracy.
• Validate USA ISO and Non ISO Products using the Product Engine: If you are looking to use your product within the United States, you can leverage DIPL along with InsureMO’s innovative Product Engine to validate and execute standard ISO and non-ISO standard USA products.
• Product Export in JSON/Excel Format using APIs: Export your modelled products in JSON or Excel formats using APIs, enabling seamless integration with other systems.
• Ability to Stream Products to Your Target System/Tool of Choice: Use the exported product data to stream and import your product into your own target system or tool of choice, ensuring compatibility and flexibility.

These tools make the DIPL an ideal platform for product managers, analysts, and IT teams to design, customize, and test insurance products.

Inheritance Architecture

One of DIPL’s powerful features is its inheritance architecture for product modelling. This feature allows products to inherit elements and characteristics from other base products, simplifying the creation of new products while maintaining consistency across similar products.

What is Inheritance in DIPL?

The inheritance architecture enables product managers and teams to model products based on a hierarchical structure. Products inherit common components from a base product, which can then be modified, extended, or customized as required.

Example:

Consider the following scenario:

• Travel Insurance is the base product.
• Under the base product, there are different variants like International Travel, Domestic Travel, and Student Travel insurance.

Each of these products shares common elements such as medical coverage, trip cancellation, and luggage protection, which are inherited from the base product. This allows you to define these common features once and then reuse them across multiple travel insurance products.

Customization and Modification

Products that inherit from a base product can:

• Add new elements to extend the base product.
• Modify existing elements by changing configurations, properties, or other characteristics.
• Discard elements that are no longer required in the product. Elements must be re-created in the same product layer.
• Delete elements that are not required in the derived product. This helps your mark elements that are inherited but not required in the product.

These changes are tracked by icons in the DIPL editor:

• A crown icon represents elements from the base product.
• Plus, pencil, and delete icons indicate changes on inherited elements from parent level.
• User icons (green for added, orange for changed, and red for deleted) represent changes made at the current product level.

This architecture provides a flexible and scalable approach to product development where teams can build on existing products and make incremental adjustments as needed. After changes are made, products can be published as new SKUs or used as plans in a market.

DIPL’s inheritance feature unlocks the potential to rapidly develop and maintain product lines, especially when dealing with multiple products that share common components.

Comparison Feature

DIPL also provides a robust Comparison Feature that allows you to compare any two versions of a product or SKU within the same Line of Business (LOB). This feature helps identify key differences between product versions by showing what has been added, changed, or removed.

Key Aspects of the Comparison Feature:

• Input Definitions Comparison: You can compare Input definitions (Pages and Fields) to identify changes.
• Product Tree Comparison: You can inspect nodes such as Risks, Coverages, Schedules, and Forms to identify changes.
• Table Comparison: You can compare Rate Tables and Domain Tables side-by-side to identify changes.

How Does It Work?

The comparison feature provides clear visual indicators of differences, enabling you to:

• See what was added: For example, a new Risk or Coverage has been added to a product.
• See what was removed: Identify elements that no longer exist in the updated version.
• See what was changed: Highlights any modifications to existing elements, such as changing the limits on a policy or adjusting rating based on current market conditions.

This feature is critical for product managers and analysts who need to ensure that the new versions of products are correctly customized and compliant with business requirements.

Collaboration and Review Process

Collaboration plays a critical part in the product lifecycle in DIPL, allowing seamless communication between different team members and stakeholders throughout the design, review, and publishing phases.

Key Roles in Collaboration:

1. Maintainer: Responsible for creating, designing and editing the product.
2. Reviewer: Reviews the product and provides feedback, identifying any necessary changes.
3. Publisher: Publishes the product after it is reviewed and approved. The publisher can also create bug fixes or major releases for the product after it has been published.

In DIPL, all these roles and actions are tracked, making the review and approval process transparent and easy to follow.

Product Management

In DIPL, the Product Management feature provides a clear organizational chart view of your products, allowing you to see relationships among different product versions and track their lifecycle stages.

Key Features:

• Version Control: DIPL’s version control system enables teams to manage major versions and bug fix releases/minor versions efficiently. The system helps track the progress of a product from draft to published, ensuring clear visibility of each version.
• Relationships Chart: The relationships among products are visually represented in an organizational chart view. This chart shows different product versions and their hierarchy, making it easy to see which products are ready to publish, under review, or still in draft.

From this view, you can:

• Submit products for review.
• Publish products when approved.
• Create new versions for major releases or bug fixes.

These visual tools provide a streamlined approach to managing product development and ensure that product managers can maintain control over the lifecycle of their offerings.

DIPL Business Use Cases

DIPL is designed to cater to a wide range of business cases in the insurance industry:

1. Use Case 1: Utilize DIPL’s modelling tool independently for product creation and customization.
2. Use Case 2: Utilize DIPL’s modelling tool in combination with the Product Execution Service (ExPro) for comprehensive product development and testing.
3. Use Case 3: Utilize DIPL’s modelling tool in combination with InsureMO’s policy administration suite for a full end-to-end insurance product lifecycle management.
4. Use Case 4: Utilize DIPL’s modelling tool in combination with InsureMO’s lambda based rating service: SPOCK for generating and calculating premiums.
5. Use Case 5: Utilize DIPL’s modelling tool in combination with InsureMO’s lambda based rules service: VELORA for managing underwriting, validation and transformation Rules.
6. Use Case 6: Utilize ExPro in combination with an existing policy administration system as an embeddable product run engine. This allows you to use your Policy Admin system’s transaction management capabilities while using ExPro to run products within InsureMO.
7. Use Case 7: Create an embeddable product experience with InsureMO’s services for scenarios like CRM where the insurance policy lifecycle needs to be integrated.
   • ExPro orchestrate APIs and services from multiple systems in InsureMO, such as:
     • GIMO for transactional persistence and policy management.
     • SPOCK for rating and premium calculations.
     • VELORA for underwriting and business rules management.
   • ExPro’s BFF (Backend for Frontend) can be customized to pick and integrate with any external system, providing high flexibility and adaptability to meet specific business requirements.
8. Use Case 8: Verisk ISO ERC and NON ISO ERC Products for American markets: Use InsureMO’s embeddable UI layer and stateless lambda based backend server to get a head-start in the US markets. Out of the box product execution and configuration are provided for complex ISO ERC products and NON ISO products for the US market.

Conclusion

DIPL continues to evolve with the addition of country-specific products and elements, further simplifying the creation of insurance products for various markets. Whether you’re developing a product from scratch or customizing an existing template, DIPL’s tools provide a streamlined path from idea to implementation.

Start your journey with DIPL today and unlock the full potential of insurance product modelling with InsureMO!