Skandia implements Solcorp quotation platform
14 October 2004 | 504 views | 0
Solcorp, a leading provider of software solutions to the life insurance and financial industries and a subsidiary of EDS announced today the successful implementation of Solcorp/ProductXpress at Skandia.
The project has led to the replacement of a legacy business quotation system, helping to deliver internal efficiency gains and further improvement in customer service.
This initial project has also resulted in the creation of calculation components that are already being reused in other projects, thereby accelerating Skandia's systems transformation programme and supporting Skandia's strategic goals to condense the product development cycle, respond to legislative change faster, and reduce time-to-market.
Solcorp/ProductXpress is a scalable, enterprise-ready calculation platform that allows product implementation professionals to model, test, implement and reuse calculations across multiple applications, reducing the time, costs and complexity associated with financial product implementation. After providing initial training, Solcorp worked with Skandia to develop their first calculation product. Subsequently, Skandia was sufficiently confident to quickly construct and deploy the rest of the calculations with minimal assistance.
"One of the key benefits of ProductXpress for Skandia is its ability to create reusable components," says Jon Blissett, Systems Design Manager at Skandia. "Reusable calculation components allow us to leverage the huge success of the first project into future projects, ensuring faster development and accelerated time-to-market with a greater assurance of success. Furthermore, the software's flexibility will allow us to quickly adapt to future changes."
The Solcorp solution serves as the cornerstone in Skandia's IT infrastructure, designed to enable the unlocking of calculation logic from current business systems and reuse of calculations across the full range of Skandia's traditional and non-traditional product portfolio. ProductXpress provides comprehensive lifecycle support, from initial illustrations through policy administration to post-sales policy modifications.
Todd Haney, Vice President and Product Technology Strategist at Solcorp, comments: "Insurers increasingly need the ability to respond to changes in the marketplace quickly. Calculations developed with ProductXpress provide that ability through their flexibility and reusability. We're thrilled to see customers like Skandia leverage these characteristics to increase their business agility."