The Pega Product Builder for Insurance application is used to design insurance products. With Pega Product Builder for Insurance, insurers can rapidly build and maintain insurance components or products and adapt to changing business needs or market conditions.
Pega Product Builder for Insurance application provides the following benefits:
- Guided processes – The product development and roll out process is consistent as a result of guided workflows, automatic validations, and approval processes.
- Centralized product definition – Due to the insurer's complex architecture and legacy systems, products are typically defined in multiple systems, which leads to inconsistency. Pega Product Builder for Insurance provides a single definition and central repository that can be used across the organization, including claims, sales and marketing, and policy services.
- Business-driven – Provides business users with the tools to design, update, and roll out products, which speeds the development process and shifts ownership from IT to the business.
- Customer-oriented – Helps reduce the time required to design and bring products to market so that insurers can respond faster to customer needs and market opportunities.
Products built using Pega Product Builder for Insurance application can be easily integrated with the Pega Underwriting for Insurance submission process.