Perhaps the most obvious use of Matching Systems technology for the insurance industry is the dynamic configuration, selection and comparison of insurance products on behalf of customers.

Like all service offerings, insurance products are highly configurable - not just in terms of price, but also the total set of terms and conditions that are offered to an individual customer.  Insurance offerings, including their complex pricing and underwriting criteria can be advertised in a Matching Systems Engine using our powerful rule language.  Pricing algorithms can be directly encoded or existing pricing engines can be dynamically linked.

The resulting system gives product managers direct control over the presence and make-up of their product offerings.  New products can be defined and added, and old ones withdrawn, at the push of a button, without the need to involve any software programmers.

Electronic broking across lines of business

Until now, this degree of automation has only been possible for the simplest insurance commodity products.  The richness and flexibility of Matching Systems technology allows for the automated matching and selection of more complex products such as Commercial Lines and Healthcare insurance offerings.

Multi-attribute scoring modules can be added to offer a refined comparison, helping the customer find the most suitable products to precisely fit their needs, rather than merely the cheapest.  Indeed, the technology allows insurers to create products that mould their features and characteristics dynamically to suit each customer - automatically and instantly, without the need for expensive underwriter intervention.

Dynamic product composition from components

One can think of the Matching Systems Engine as a form of electronic broker, facilitating an electronic market place of complex products and services.  However, not all market places need be competitive.  The Matching Systems technology can also be used to create complementary market places, where complementary products and product components are dynamically combined to form an overall solution that precisely fits the needs of each customer.

The customer receives a personalised offering, while the insurer maintains electronically a manageable number of product components that are automatically selected and configured (when suitable) for inclusion in a customer offering.

Automated needs analysis and regulatory compliance

The Matching Systems Engine allows business rules to be applied to individual characteristics or properties of individual products, taking account of the customer description supplied with the query.  This means that rules can be supplied to determine the inclusion or exclusion of individual terms and conditions on a case-by-case basis, opening the way for automated needs analysis and regulatory compliance as part of the matching process.  

The system can guide the sales process, maximising up-sell and cross-sell opportunities, while ensuring that regulations are strictly complied with.

Automated drafting of complex policies

We have even applied the technology to the drafting of complex documents such as contracts, where individual terms and conditions are selected for inclusion in the final contract and configured depending on individual customer requirements.  Click here for more information on this novel approach to the dynamic generation of contracts.