ProductXpress™ from HP is a fully integrated software suite that helps financial organizations accelerate the introduction of new financial products.
Today's competitive insurance environment requires the ability to rapidly define new product characteristics with minimal time and expense. One of the most significant items on the critical path during the insurance product development cycle is systems development and implementation. Traditional system limitations are unacceptable. ProductXpress reduces the time and expense related to these activities and enables rapid product introduction.
Calculator
The key focus of the ProductXpress solution is its Calculator – a powerful mathematical calculator that can be executed from multiple production systems – ensuring exactly the same results wherever the calculation is deployed. A multifunctional deployment of the Calculator creates a single point of reliability: calculations are performed centrally with consistent results. The Calculator combines the highest level of reliability with scalability for exceptional performance.The Calculator is easily integrated for use by enterprise systems through ProductXpress Calculator Connector – supporting communication and "business user friendly" data mapping between the Calculator and other systems.
INGENIUM® from HP, the leading administration system for life insurance and wealth management products, provides comprehensive new business and policy processing for all individual life, health and wealth management product lines. Calculations in ProductXpress can be accessed from INGENIUM to expedite product implementations and to ensure consistency with other systems.
Designer
Business users – including actuarial, underwriting, and marketing – are empowered to define product algorithms and rules which can be deployed across other enterprise systems using ProductXpress Designer.
In the Designer Test Lab, users can test various "what-if" scenarios against the newly defined products and formulae. Calculation results can be visualized in charts to assist in analysis. Designer offers several options for publishing product specifications and related documents which can be formatted to comply with your company standards or with the NAIC's SERFF software for electronic insurance product filing.
ProductXpress Version 3
ProductXpress version 3 represents a significant update to ProductXpress. By adopting UML modeling principles and further extending possibilities for calculations modeling, we've increased the range of industries and products that can be modeled in ProductXpress. With the heightened concern for security, new encryption technology has also been integrated to allow for an even higher level of protection from tampering.
The version control capability has been enhanced so that product designers can work on product definitions even when not connected to their networks.
In addition to performance and scalability enhancements, enabling ProductXpress to be used in even the most complex product situations, the latest release also boasts:
- enhanced modeling concepts utilizing inheritance to enable product variations to be developed rapidly
- new methods for easily integrating the runtime into new and existing applications
- introduced deployment testing capabilities virtually eliminating the need to retest calculations within end user systems
One of the unique features of all ProductXpress versions is the support for seamless upgrades. As we continue to enhance ProductXpress to leverage new technologies, our clients can be assured of timely, cost-effective and trouble-free implementations.
Download the ProductXpress Overview Solution Overview PDF
