Insurance System Framework Design
There are different types of insurance system: code-based systems, tool-based, and framework-based systems. Oceanwide Bridge features a framework-based system design.
||Bridge System Framework Design
|Speed of implementation
|Speed of table changes
|| Very fast
|Speed of system changes
||Slow to fast
|Knowledge of programming
|Total cost of ownership
||High to very high
Code-based systems make it very difficult to customize the system’s source code or user interface. Programmers or the system vendors must be brought in. System changes are time-consuming and costly.
With tools-based systems, business users can be trained to make changes themselves. Unfortunately, these systems also require a great deal of programming, and you have to define and design every aspect of the system yourself. Configuration tools can be as complex as a proprietary programming language.
System Framework Design
Oceanwide’s insurance system framework design makes it easy for business users to update and modify the software themselves without any programming involved. Key insurance processes, roles and terms are already defined.
For example, all insurers have policyholders, underwriters and agents. All insurers have processes that include quote, bind, issue, renewal, endorsement, cancellation and reinstatement. You manage the configuration and design the workflow so that Bridge supports your business processes.
The result is that you can implement and modify your distribution system quickly and cost-effectively. Bridge’s framework design significantly reduces reliance on professional services and related costs.
Thanks to Oceanwide’s insurance system framework design, business users need no programming assistance to:
- Add a new data field to the database
- Add a new field to the agent and/or consumer portal
- Add a new field to the underwriter's workstation user interface screen
- Provide edits to a field
- Use a field in system rating algorithms
- Use a field in driving workflows and business processes
- Publish a field in documents, policies and emails
All Oceanwide clients use the exact same insurance system. There are no custom code layers. This ensures a quick and cost-effective system implementation and changes.
Please contact us to find out more about Oceanwide’s insurance system framework design.