The structure of a typical insurance product is very complex. A range of elements interact with one another in complicated ways, from coverage and rating of risk to specific benefits and conditions of eligibility. Proven by FJA to be well suited to the insurance industry, component architecture serves as the foundation of the Product Machine. Product components are defined from source materials and enterprise operations, including state filings, actuarial calculations, granular definition of coverage, accumulators, product configuration rules and restrictions, etc. Quite literally, what can and can not be sold together.

Component taxonomy becomes a valuable asset. Similar to manufacturing engineering and a master bill of materials, product components within the Product Machine can be modeled, managed and automated throughout the enterprise. Products are structured into re-usable components, similar to an inventory management system. New products are often variations of existing products. FJA?s approach allows for new product design and configuration based on existing product components, or the creation of new components that are consistent with existing rules and down stream systems (such as Claims Processing)

Product components are sophisticated, articulating elements that are situational, conditional and time based. Leveraging component architecture, the Product Machine's search capabilities and automated change management tools dramatically accelerate mass product updates.

Measurable Value

The component taxonomy of the Product Machine creates value for your enterprise and enables new performance capabilities.

• Re-usable components reduce costs and remove labor intensive processes (often paper based, multi-step and redundant)
• The creation and maintenance of product information is automated
• Current, accurate and valid product information is served to all down stream systems
• Creation and maintenance of new products is accelerated
• Powerful search and retrieval capabilities, including historical views are universally accessible

The Product Machine serves as a unifying and active platform of coverage, benefits, products, rules and calculations for all types and lines of insurance. Relying on the Product Machine's component taxonomy, our customers achieve a definitive competitive advantage and agility in the marketplace.