Insurers are focused on becoming faster and more agile in their ability to deliver life and annuity products into both new and established markets. While product development has traditionally been overlooked in technology acquisition, to be successful business process management tools are necessary to increase the speed necessary to improve this highly transactional, approval-based and information-heavy effort.
Hyland's insurance solution provides product development with the ability to efficiently manage the work process surrounding new product creation and implementation strategy. OnBase, Hyland's content services platform, manages the work processes and required approvals, from document creation and version control to the interaction among stakeholders as the product is developed, rates and rules are established and processes are documented. OnBase even ensures that underwriters and agents/brokers/financial advisors are notified of new product details to help get them to the market faster.