Global insurer Hiscox has implemented ILOG JRules to support its service-oriented architecture (SOA) infrastructure, which is driving faster product development and company growth,
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ILOG JRules is used as part of the company's initiative for a wide range of insurance processes, one of which is new product development.
In using ILOG's technology, Hiscox will be able to easily test and create new insurance products, rates and risk classification tiers much faster.
ILOG's system has been used to enhance a number of in-house IT systems, which were not sufficiently flexible to meet Hiscox's long-term business objectives.
Prior to the ILOG JRules implementation, it took Hiscox more than six months to launch new products.
Soon, business rules will be exposed as decision services are reused across different channels so that regardless of where the transaction comes from, the applicable set of business rules are enforced for greater consistency, transparency and speed.
As a result, the time-to-market for new products is expected to improve, enabling Hiscox to achieve speed-to-market gains of more than 50%.
Alan Millard, chief operating officer at Hiscox, said, "ILOG will allow us to introduce efficiencies into our operations and the rules system provides the necessary flexibility to maintain our unique position.