Agile Product Creation & Set-Up: The INSILLION Approach to Insurance Products

The Importance of Agility in Insurance

Product creation is a critical process for carriers as they respond to evolving customer demands and emerging distribution channels. Carriers may need to develop new products to serve niche segments, meet regulatory requirements, or modify existing ones to support new parameters or distribution options.

However, traditional product development methods are often time-consuming and costly, limiting carriers' ability to respond quickly to market needs.

The Carrier Product Creation Conundrum

A major challenge for carriers lies in the return on investment (ROI) for new product development. Creating and launching new insurance products often requires multiple iterations to find the optimal product-channel mix. If development costs outweigh potential returns, it becomes difficult for carriers to justify launching innovative offerings.

Traditional Approach to Product Creation

• Underwriters create an Excel calculator containing rating and premium logic.
• Business Analysts (BAs) draft a Business Requirement Document (BRD) for developers.
• Developers code the application from scratch based on the Excel and BRD.
• BA teams test functionality.
• Quality Control (QC) testing is conducted for bugs.
• Carriers complete User Acceptance Testing (UAT).

Average Time to Market: 2–4 months

Challenges with the Traditional Approach

• Resource Intensive: High dependency on development resources, leading to increased costs and extended timelines.
• Missed Opportunities: Delayed launches can mean missed market windows.
• Requirement Gaps: Developers often lack deep insurance domain knowledge, resulting in suboptimal solutions.
• Difficult Modifications: Product changes require developer involvement, making updates costly and slow.
• Distribution Delays: Adding APIs and portals for distribution further extends development time.

The INSILLION Approach to Product Creation

Recognizing the knowledge-transfer gap in traditional workflows, the INSILLION platform empowers insurance domain experts—such as actuaries, pricing teams, and underwriters—to use their Excel expertise directly within the platform.

How It Works:

• Underwriters or BAs create a product rater in Excel.
• The Excel is uploaded to the INSILLION platform.
• Distribution assets are automatically generated.
• QC testing is conducted.
• Carriers complete UAT.

Average Time to Market: 3–4 weeks

Benefits of Choosing INSILLION

• Faster Product Cycles Reduce developer dependency and shorten production timelines. INSILLION is pre-built and deployable out of the box.
• Simplified Product Setup With a low learning curve and Excel-driven configuration, product teams can independently manage rating logic, business rules, and referrals.
• Out-of-the-Box Features Products built on INSILLION include built-in tools to accelerate launches and simplify post-go-live changes.
• Excel-Powered Flexibility Supports over 250+ Excel functions. Once uploaded, Excel files are converted into code and don’t require separate tools for distribution.
• Continuous Improvement and Governance Carriers can revise products during development or after launch. Version control, automated regression testing, and a maker-checker approval system ensure quality and accountability.

With INSILLION, carriers can build, launch, and scale insurance products while minimizing the ROI burn. In today’s fast-changing landscape, speed-to-market is essential—and INSILLION makes it achievable through agility, automation, and ease of use.