SOA Components In Life Insurance – Policy Administration Systems

Service-Oriented Architecture (SOA) is modular software; it comprises components that are the building blocks of services. These components work with insurance applications regardless of what legacy platform companies bring to the table. It is an excellent framework to upgrade business process management systems, without conflicting with existing software capabilities. Using SOA in policy administration produces a client-centered operating system with expanded capabilities while maintaining successful legacy operations.                       service-oriented-architecture-soa

Black Box Components Delivering Open Service Systems

SOA is software architecture that supports operational requirements with components that fit into the system; developers design components to match the purpose, without demanding accommodation. This approach is an alternative to large package software because of the flexibility that it engenders, components fit into a business process management framework that suits the purpose, flexible and customizable, it thrives in projects based on agile methodologies. Under the SOA regime, change is a marginal process that only demands as much effort as it takes to add a unique capability; adding more is like adding blocks one-by-one.

The service defines the functions that a component will represent as a singular purpose, what goes on within is not needed by the system, just the output. The style of architecture in the design of components should align with that of the system as a whole, as well as the business process that it represents.

SOA builds components starting from the interface, describing a business process algorithmically, with rules and goals, and incorporating existing service components. Services are black boxes because users and administrators at the business process management level do not need any insight into the inner workings of the services to receive the benefit of the output. The precise nature of services does demand reliable quality control in the development phase, confirming that services do perform as intended.

Applying SOA To Insurance Policy Administration

Software for insurance companies must integrate policy management to deliver control over the financial aspects of the business as a central feature. The benefit is the ability for insurance companies to have all system information available in an accessible format in real-time, and that supports intelligent underwriting and financial management.

According to IBM, SOA offers dramatic benefits to insurance companies. It facilitates the ability to innovate in response to disruptive changes in the market, and competitive pressures that are growing rapidly. It provides integration of complex procedures while serving customers end-to-end. SOA provides the capability to automate new market channels via the Web, to create seamless organizations with partners, and to deliver business intelligence in real-time.

While it might be desirable for insurance companies to upgrade policy administration by throwing out legacy systems and starting afresh, that is not always possible or even desirable in the real world. That is why SOA is such valuable tool for developers and project teams for the insurance business, as a tool for change management. When developers apply SOA well, it still delivers the capabilities but without loss of standing systems.

FAST Software Delivers Policy Administration Systems For Life and Annuity

In the realms of life insurance policies and annuities, FAST is a dynamic and insurance technology provider. We specialize in SOA solutions that expand capabilities for our clients, without undermining legacy systems. We enable our clients to deliver exceptional functionality and creativity in insurance product design.

FAST clients find that we live up to its name; our approach produces results quickly and efficiently. The insurance industry demands software that is both integrated and innovative while still accounting for the unique requirements of the profession. To experience our service and learn what we can do for your insurance company, speak to the Life Insurance and Annuity software experts at FAST Technology today!

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