Insurance Speed To Market
Launch insurance products faster with low-code
Genasys gives insurers, MGAs and brokers a product builder their own teams can use to design, test and release new products in weeks. Pricing, rules and cover can then be changed at any time without waiting for a development cycle.
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See how product building works in Genasys, and how your team or ours can use the low-code tools to create new insurance products, quickly.
Build insurance products your way
Your team or ours
Build products yourself in the Genasys low-code tools, have our team build them for you, or share the work between you.
- Your underwriters and product teams configure products directly
- Genasys experts build or review products alongside your team
- Start from 350+ templates across 40+ lines of business
Launch on a cloud-based platform
Test and go live in weeks
Genasys is a cloud-based policy administration system, so new products go live on the same platform that runs your whole book.
- Test and version every change before it goes live
- Run new and existing products side by side on one platform
- Expand into new territories with multi-currency, taxation and language support
Adapt products after launch
Change products as the market moves
Once a product is live, your team can amend it at any time without a rebuild.
- Change pricing, wordings, endorsements and cover as claims and market conditions shift
- Add distribution partners, co-insurers and channels from the same platform
- Launch variations of a live product for new partners or segments
Case Study · GENRIC Insurance
This kind of speed and cost efficiency is unheard of in the financial services sector. It sets a new record for GENRIC.
Cornel Schoeman
Chief Operating Officer, GENRIC Insurance
GENRIC needed to launch Pandemic Shield, cover for the financial impact of a Covid-19 hospitalisation, with speed, simplicity and full regulatory compliance.
50 days
From product concept to live in market
10 days
To configure and deploy on Genasys
Speed is your new
competitive advantage
Getting a new insurance product to market often takes months of development work. Genasys clients in Europe, Africa and the Americas are able to launch and update products in a matter of weeks, and the benefits below follow from that.
Earn revenue sooner
Cut the time between a product idea and its first premium.
Win new customers
Reach new segments and territories before your competitors do.
Spread your risk
Add new products so your book depends less on any single line of business.
Keep customers longer
Update products regularly so they keep pace with what your customers need.
Test and learn
Launch smaller products, measure the results and refine them quickly.
Stay compliant
Update products fast when regulations or industry standards change.
Low-code product builder
Everything you need to build insurance products
Every part of a new product is configured in the same low-code tools, from the first question to the final policy document.
Product Framework
- Start from a template or build a product structure from scratch
- Clone products and reuse one framework across every line of business
- Version and stage changes before they go live
Question Sets
- Design proposal questions with a drag-and-drop builder
- Reorder, brand and reuse question groups across products
- Configure dynamic questions that appear under certain conditions
Rating
- Build complex rating tables and formulas without writing code
- Configure coefficients, multipliers, discounts, loadings, rates and flat premiums
- Test premiums live as you configure them
Rules
- Set eligibility, validation and workflow rules visually
- Chain rules together to match your underwriting logic
- Change a rule once and it updates everywhere it is used
Endorsement Library
- Store endorsement wordings in one shared library
- Attach the right endorsements automatically by rule
- Keep wording consistent across every policy
Documents
- Design policy documents and schedules in the same tool
- Merge live policy data into every document
- Update a template once and every new policy uses it
Frequently Asked Questions
Answers to common questions about building and launching insurance products on Genasys.
How long does it take to launch an insurance product?
On a legacy system, a new product often takes 12 months, because every change waits for a specification, a development team and a release cycle. On Genasys, your own team configures the product, so speed to market improves from months to weeks. GENRIC Insurance took its Pandemic Shield product from concept to live in 50 days, with only 10 of those spent configuring and deploying it on Genasys. GENRIC also white-labelled an existing product for a new distribution channel and had it in production within two weeks. Read the GENRIC case study.
What does an insurance product builder do?
An insurance product builder is configuration software that turns a product idea into a working, sellable product. In Genasys, you start from one of 350+ templates or from scratch, then configure the questions, rating, rules, endorsements and policy documents in the same drag-and-drop tools. Every change is tested and versioned before it goes live, and the product runs on the same cloud-based policy administration system as the rest of your book.
Is Genasys a low-code or a no-code insurance platform?
Both. Product owners and underwriters build most products from ready-made configuration options without writing any code, and they can change pricing, rules, wordings and cover after launch without a rebuild. Low-code tools are there for the rare case the built-in options don’t cover, so an unusual requirement won’t block a launch.
What insurance products can I build on Genasys?
You can build personal lines, commercial lines, parametric and embedded products across any class of business, using the same tools for each. Rating can range from a single flat premium to multi-factor, multi-step rating that pulls in third-party data, and it is configured visually and tested live as it’s built.
How can I launch a new insurance product quickly?
Insurers, MGAs and brokers can adapt one of 350+ existing templates, so a new product doesn’t start from a blank page. Distribution partners, co-insurers and channels are added from the same platform, and multi-currency, taxation and language support make it simpler to expand into new territories. See Genasys policy administration.
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