The decision has been made. Your company’s leadership has determined now is the time to adopt a new product, to expand your company's offerings, and to do so quickly to take advantage of an opportunity in the market.
Sales and marketing have made arrangements with your agents, product development has established the forms and endorsement plus manual rules and rating information, underwriters have created underwriting guidelines for new business, and the filings have been submitted and approved.
However, everything is on hold while there are delays in implementing and launching this new product on your company’s policy administration system (PAS). But it’s not the fault of the developers and programmers; this is a new product that requires defined forms and endorsements attributes, final rating information, premium calculation steps, precise rating variables, and more.
The AAIS Speed to Market (S2M) Toolkit was created to streamline implementation and accelerate success in insurance rating. S2M Tools provide companies’ policy administration providers (whether it’s an internal home-grown system or an external provider) with a head start in defining the technical specifications.
The AAIS S2M Toolkit provides the following IT advantages:
Product Models
Product Models allow Member companies to consume the content of AAIS insurance products in both human and machine-readable formats.
■ Accelerate product development using visualization tools, product content, and code.
■ Personalize insurance products to meet demands.
■ Create one source of product metadata.
S2M Mind Maps
Mind Maps provide a visual representation of an AAIS insurance product.
S2M Technical Specifications
Technical Specifications offer an electronic representation of an AAIS insurance product in a system consumable format.
S2M Rating & Data Tables
Rating & Data Tables are AAIS factors and relativities, loss costs, and territorial definitions from multistate and state manual pages.
■ Provide product reference data in a digital format that is easily consumable.
■ Saves time and money to implement a new or updated product on a speed to market basis.
S2M Rating Examples
Rating Examples provide an overview of premium calculations using sample rating information.
■ Current and accurate countrywide, state-specific rating examples are updated when needed.
■ Access to on-demand step-by-step explanations of basic and optional premium calculations.
Many AAIS Members have already benefited from using S2M Tools. Loudoun Mutual Insurance utilized Rating Tables for a new product launch and experienced an accelerated speed to market. “Loudoun Mutual sought speed and efficiency in launching a new BOP line of business and knew policy management system (PMS) configuration would be a significant challenge,” said Tim Koppenhaver, Executive Vice President at Loudoun Mutual. “We reached out to AAIS regarding their Speed to Market feature, and they quickly responded with rating tables in a clear and understandable format, which we shared with CoPilot, our PMS contractor, who found the tables to be essential in getting the line set up.”
“The biggest thing for me is that the tables have made formatting the data much quicker and easier than trying to copy and paste from the manual,” said Lindsay Brooks, Owner of CoPilot. “I would recommend that these always be provided for a smoother, more accurate implementation.”
S2M Tools have helped streamline new product adoption for CFM Insurance and Cornerstone National Insurance as well. “At CFM Insurance and Cornerstone National Insurance, we have introduced a full suite of AAIS products,” explained Joey Kenney from Innovated Holdings. “After implementing the Homeowners By-Peril program, using the AAIS Mind Map was a great way to help our development team understand what needed to be done. It also helped prepare us to introduce additional states in the future.”
Interested in learning more? Watch the replay of the AAIS Webinar, “Streamlining Product Adoption with the AAIS Speed to Market (S2M) Toolkit,” to see a live demo of the S2M Toolkit deliverables.
Reach out to any of the featured webinar speakers through the contact information below to find out how the AAIS S2M Toolkit can accelerate your speed to market!
John Kadous, CPCU, CPM
Vice President of Products, AAIS
Sheila Morris, CPCU, AMIM, CPM
Manager of Product Operations, AAIS
Jeff Holaway, CPCU, CPM
Senior Product Development Specialist & S2M Product Manager, AAIS
Jason Buchek, CPCU, ARM
Technical Business Analyst, AAIS
