Ensuring speed to market with a true standard platform
To compete effectively, Life and Pension (L&P) companies must move new products to market regularly. That goal is often compromised by aging and restrictive IT environments and archaic processes, that extend time-to-market and increase the cost of releasing and maintaining new product offerings.
In order to meet these challenges, L&P providers need to take advantage of configurable and future-ready IT solutions that simplify and digitalise their operational environment, ensuring speed to market through standardisation and technical transformation.
Plexus, Keylane’s leading SaaS-based standard industry platform, comes with a high degree of product configurability, standard built-in integrations and API services, which remove complexity from the product development environment and ensure speed to market.
High level of product configurability
Plexus is the standard policy administration platform for handling all primary processes from individual life to the collective pension domain. The platform offers a product workbench, which enables configuration and testing within the same product configuration environment. As a result, changes can be quickly entered or imported, transactions applied, results viewed immediately and products adjusted swiftly and easily.
The addition of new components, including features, coverages, transactions, values and calculations, is driven through configuration instead of complicated coding. This advanced level of configurability enables speed to market.
Plexus also provides a rich and flexible integration infrastructure for interfacing with numerous relevant systems and supporting client portals, intermediaries and partners across different markets. Broadly speaking, we typically partition interfaces that Plexus integrate with into two categories:
- national and external interfaces for each market – Plexus typically interfaces with several important systems run by government agencies or relevant trade associations; and
- internal interfaces – at each client, Plexus operates together with several other systems in the client’s software infrastructure.
The rich integration infrastructure of Plexus guarantees seamless communication with both internal and external systems.
Plexus comes with a substantial notification framework for configuring and issuing external notifications based on events that occur in Plexus. Notifications are messages sent from Plexus when any type of change happens. For example, they can be triggered through text messages to customers when creating a policy. Notifications have a configurable message body and play a significant role in engaging and interacting with customers.
More than 400 API services
Plexus is built as a modularised and fully service-enabled application that comes with a rich set of tested and maintained standard services. These cover all areas of functionality in Plexus.
Each module in Plexus exposes a service API, which encompasses everything from policy quotation to setting up new products and agreements. The standard service catalogue supplies more than 400 services that can be used by clients to integrate into their internal landscape or to build their own portals and applications on top to ensure a strong customer experience and excellent service. Furthermore, as Plexus has been designed using best practices of service-oriented architecture (SOA), it can be easily integrated into almost every architecture.
All in all, you can create the necessary integrations and services to other systems and portals when developing new products and thereby push them to the market without the need for system upgrade or additional development to your core system.
Want to know more about how you can stay ahead of competition through speed to market with Keylane Plexus? Please contact Jens Petersen, Business Development Director, at email@example.com