Updating or creating new insurance products is generally expected to be a long and expensive endeavor for insurance carriers. Most insurance products are made with insurance experts in mind, which can be hard for technology teams to understand. Having a product analyst is essential to make these complex ideas clear and ready for implementation.
In today's fast-paced and competitive insurance market, carriers can't afford slow or costly processes. This is where Mind Maps are becoming very useful. They break down complex product details into simpler visuals, allowing insurance carriers to bring new products to the market more quickly.
About Mind Maps
Mind Maps are rapidly becoming useful tools for organizing information. They are well respected for turning complex ideas into clear, easy-to-understand visuals. A Mind Map is structured like a tree. The main idea is the trunk, and different themes and thoughts branch out from it. This tree-like layout helps represent ideas in a way that's not strictly linear, which makes it easier than typical text.
Mind Maps are great for organizing themes, key points, and connections between them. They make it easier to go through a lot of information quickly without losing the train of thought. This method not only helps with understanding and remembering, better but also aids in implementing ideas communicated visually. Mind Maps are especially helpful in areas that involve detailed concepts and data, like insurance product implementation.
Modern policy administration systems are beginning to leverage Mind Maps for launching and updating products. While they come with various names, they are typically designed to accelerate product development using product visualization tools and pre-built product content. More advanced systems autogenerate product code and provide mechanisms to speed up time to market.
AAIS Auto Insurance Mind Maps
AAIS invests a large amount of effort to develop and provide up-to-date products in a digital format in the form of Mind Maps. These digital assets are targeted toward the implementation team in an implementation-friendly package. These digital files capture the logical structure for developing and updating products in modern policy administration systems.
Significant and common aspects of the AAIS product materials are captured in the Mind Map.
They are specifically designed so that you can implement a given insurance line, such as personal auto, in one state or several states at a time. They provide the structure to scale from a single state to a few states without too much overhead.
The personal auto Mind Map is organized into common elements representing the multistate materials. This is followed by state exceptions, enabling you to leverage common elements and modify them according to your markets. Most elements of the Mind Map contain notes. These provide rules, actions, and logic to be implemented within the policy administration system.
“In my experience implementing insurance programs for dozens of carriers, the time taken to understand the program requirements is always frustratingly long. Since the majority of the time to implement is getting the requirements right, Mind Maps eliminates all the back-and-forth providing a common language between the business units and IT,” said Jason Buchek, Technical Business Analyst at AAIS. “Defining requirements and specifications is now quick and easy. AAIS is investing the time to build Mind Maps upfront so that our Members can speed up their implementations”.
While Mind Maps follow a tree-like structure, the information can be exported to a CSV or JSON format. This takes this work further and provides a machine-readable format simplifying the implementation and updates of your products.
Navigating Challenges with AAIS
AAIS offers a comprehensive suite of products and services, including forms, rating information, and compliance guidance across the U.S., tailored to navigate these evolving challenges effectively.
AAIS serves the property casualty insurance industry providing ‘best in class’ insurance forms, rules, and loss costs. AAIS is the only national not-for-profit advisory organization governed by its Member insurance companies. Whether you’re a national, multi-line insurer or an established regional carrier, a mutual insurance company or a focused monoline insurer, a Managing General Agent, or a start-up, our approach to building custom advisory solutions will deliver top-line and bottom-line benefits.