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Design and Development of Integrated Quoting and Jet Issue Engine
ValueMomentum assists Carrier to build the capability of “Instant Quoting” service which was to be leveraged by various product groups and by multiple applications; for a specific innovative product, a web-based product customization and issuance capability was also developed.

Industry
Insurance

Client
Leading Mid-western Regional Life Insurer

Needs addressed
Online Quoting, Automated Underwriting, Jet Issue, Rating and Dynamic Pricing

• Our Client intended to build the capability of Instant Quoting as a reusable service that can be leveraged by various product groups and by multiple applications (e.g. available for use by agents to provide product quotes and by CSRs for servicing customer calls)
• The Quoting engine was also aimed to be extended to business partners.
• Our Client also wanted to implement an “Instant Issue” capability that allows customers to obtain products after answering relevant questions via a web interface through its website.

Technology Solution Delivered
Portal & Collaboration, Business Process Management (BPM)

• ValueMomentum was responsible for the end-to-end implementation of this project. ValueMomentum partnered with the Customer by leveraging decision services development expertise to realize a forward looking architecture which would serve as a foundation for future IT initiatives.
• The responsibilities handled by ValueMomentum included:
  • ValueMomentum co-led requirements gathering activities with the Client and the design, development and deployment of the system.
  • The quoting process involves complex underwriting and rating guidelines which vary based on policy state and other company guidelines. An intelligent engine was needed to handle the complex decision process.
  • ValueMomentum assisted the customer in leveraging ILOG JRules to serve as the underlying inference-based rules engine.
  • The Quoting Engine also interfaced with rate tables defined by the Client to provide a quote. The culmination of the process results in an e-application form that was stored for future retrieval.
  • Interfaces were developed for credit card and bank

Execution model
At site, T&M

Technologies used
J2EE, JSF, ILOG Business Rules Engine

Benefits delivered

• The Carrier was a leader in its market to make available an Instant Quote and Issue Engine for select products
• Customers were able to submit personal information on the Client's website, receive a quote and, upon agreeing to purchase by providing payment information, receive an email from which the Customer can access/download the policy document through Internet.
• The Quoting and Issue engine was deployed as a reusable service for future products that the Carrier may add to its online products – an advantage perceived given the level of product innovation in the Life Insurance industry.

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