Adopting an SOA approach, is known to speed Time To Market (TTM) for new products and services, reduce the Total Cost of Ownership (TCO) of systems and increase Return on Investment (ROI) by leveraging existing IT assets and enable true component re-usability. Although these promises and benefits can be fairly substantial, they often overlook the reality of the implementation challenges that often arise.

Prima Solutions latest offering, specifically addresses the technological and business challenges that insurance organizations encounter when implementing Contract/Policy management applications built on SOA principles.

So what if you could obtain a Contract/Policy management application with views into the Premium and Claims systems? What if the SOA components for data services were already 90% developed and that it would provide a common platform for market or territory specific project development? How would this impact your SOA implementation timeline and costs?

Prima Vanilla™ is territory and market neutral, providing an extensive library of services covering the full business lifecycle for policy/contract management; quote, underwriting/issue, endorsement, renewal, cancellation, and non-renewal. These customizable services include the common insurance processes and data services such as contract/policy management (underwriting, endorsement, cancellation, and re-insurance), claims and financial tracking. In addition to the capability to track claims and financial activities you can calculate and track both ceded and assumed reinsurance transactions.

Prima Vanilla™ was built using model driven architecture (MDA) and state of the art foundational toolsets. By using a business requirements model based on the Prima IBCS™ model and the Prima Repository™, Prima Vanilla™ leverages the proven and extendable insurance UML model to support business concepts and requirements. The implementation model is deduced from the business requirements model ensuring alignment between business requirements and technical implementation.

Prima Vanilla™ supports manual and automated generation and administration of the policies/contracts whether selling your products and services direct to the customer, using broker/agency sourced business or through the subscription market.

Prima Vanilla™ provides a consolidated view of contracts, reinsurance, and claims. Underwriters benefit from a consolidated view of their portfolio and of their financial engagement, Contract Managers benefit from an up-to-date or historical view of their contracts using current date or on a specific date and Brokers/Agents benefit from a "Book of Business" view of payments, claims history and renewal activity.

Prima Vanilla™ speeds time to market by enabling for quick operational set up in new markets while at the same time ensures consistency with existing business operations.

Prima Vanilla™ reduces overall project risk and maintenance costs as projects begin with a large set of executable services based on a robust proven framework. The services can be easily customized thanks to the modelling and code generation methodology supported by state of the art tools such as Prima IBCS™ and Prima Repository™. Use of the Prima IBCS™ and Prima Repository™ provides the SOA foundation necessary for reusability, business and technical agility, and guarantees a high level of interoperability with external systems.