A great business tool for managing product requirements and communicating to downstream consumers,
PMW brings simplified product management within reach
PMW overview
The Product Management Workbench (PMW) tool provides the support insurers need to get their products from concept to market in the shortest possible time. PMW gives product designers and modellers the flexibility to evolve and manage products in line with changing market and regulatory requirements. In addition, the powerful product definition and audit trail capabilities ensure that all product features can be clearly communicated to the appropriate regulatory bodies.
We help insurance carriers to significantly improve the processes by which they develop new products and manage their existing product portfolio over time.
Key features
- Ability to completely externalise product definitions and maintain this information in a single repository.
- This repository can be consumed by 'product aware' environments to deliver a flexible, product-driven Policy Administration system.
- Rapid prototyping of product ideas.
- Complete management of 'where used' and 'what impact'.
- Total management of the product development lifecycle.
- Complete, business-wide inventory of product model components and their detailed specification.
- Versioning of products to fit different jurisdictional requirements.
- Multiple, distributed, teams working simultaneously on the same, or different, products.
- Trackable evolution of a developed product.
- Ability to record traceability to the execution environments (eg. data warehouse, legacy etc).
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Collaboration
PMW provides a highly configurable and collaborative environment that allows all product stakeholders to review and contribute to the development process; whether it’s the development of new concepts being introduced to the market or the day-to-day, regulatory or business-driven, evolution of the existing product set. PMW puts you in control.
Communication
Product Modellers use PMW to produce Product Specification Diagrams to show the product structure in terms of 9 different types of modelling building blocks. Each modelled component, when complete, can be used, and reused, in any number of product model definitions.
In addition to the visual language to describe a single product, PMW manages the different versions / variations of a product that are necessary to operate across jurisdictional areas.
The powerful product definition and audit trail capabilities ensure that the impact of any change is understood and all changes to product can be clearly communicated to the appropriate consumers.
Consumption
Access to the information in PMW takes two forms:
1 PMW produces a Product Specification Report that contains all the information for a particular product revision. The report provides internal navigation and the ability to document changes between product revisions
2 PMW exports (in an XML form) the product data to configure ‘product aware’ policy execution environments. This electronic definition of the product provides all the necessary information for configuring some policy administration solution components
Compare
PMW provides powerful, visual, comparison capabilities across two products. This capability allows the business to ask questions such as…
'What’s changed in the last 12 months? or
'How does the product we sell in Illinois differ from the product we sell in Wisconsin?'' or
'What’s changed in this iteration?'
Confirmation
With every modelling change made, the user is presented with the list of the products impacted and the ability to alter the scope of the change.
PMW… putting you, the product modeller, in control.
Why choose PMW?
The introduction of PMW to the Product Management process provides, never experienced before, capabilities to the business in terms of understanding and control. The added advantage of positioning an organisation for downstream policy administration solutions and the traceability of business requirements through to IT delivery makes PMW a sound investment of time and money.
Improve and simplify your product management today –
contact us for your PMW demonstration
PMW brings simplified product management within reach
