This is where the AAIS S2M Toolkit comes into play. Designed to streamline the implementation process on a policy administrative system (PAS), the S2M Toolkit accelerates the success of new and updated insurance products. For existing and future AAIS Member companies, the S2M Toolkit is an essential resource during the AAIS onboarding process. Here’s a detailed look at how the S2M Tools work in conjunction with AAIS onboarding to expedite your product launch.

Understanding the Onboarding Challenge

Onboarding a new insurance product can be complex, involving a multitude of steps: determining which forms and endorsements to adopt, potentially developing a custom manual, converting loss costs into rates, and submitting the new or updated product to the respective insurance department. The final and often most critical phase is integrating the new or updated product into your PAS, which can become a bottleneck if not managed efficiently.

The Role of S2M Tools in Onboarding

The S2M Toolkit, which is delivered during onboarding, supports each stage of the process with a set of tools designed to help streamline and expedite. These tools provide clarity, accuracy, and speed in integrating new insurance products into your PAS. By integrating these tools into your onboarding strategy, you can overcome common challenges and achieve a faster, more efficient product rollout. Here’s how each component contributes to a more efficient onboarding experience:

Product Models: The Foundation of Efficient Development

The first component of the S2M Toolkit is the Product Models. These models offer a comprehensive representation of AAIS insurance products in both human-readable (Mind Maps) and machine-readable (JSON) formats. They facilitate the onboarding process through:

• Accelerated Product Development: Product Models include visualization tools and detailed product content that simplify the development process. This clarity helps your team quickly understand and integrate product data into your PAS, significantly reducing development time.
• Customization and Adaptation: Product Models enable easy tailoring of insurance products to meet specific market needs and regulatory requirements. Customization ensures that your products are not only relevant but also compliant with industry standards. 
• Centralized Metadata Management: Product Models provide a single source of product metadata, reducing inconsistencies and errors while facilitating smoother integration into your system.

By utilizing Product Models, you can streamline the development process and set the stage for a more efficient onboarding experience.

S2M Human-Readable Content: Visualizing Product Structures

S2M Human-Readable Content (Mind Maps) are a crucial component of the S2M Toolkit. These visual aids offer a graphical representation of AAIS insurance products, making it easier for your team to understand complex product details. Mind Maps contribute to a more effective onboarding process by providing:

• Enhanced Visual Clarity: Mind Maps provide a clear, visual overview of the product structure and its components, helping your team grasp product intricacies and integrate it into your PAS more easily.
• Facilitation of Future Expansion: By presenting a visual roadmap, Mind Maps prepare your team for future expansions, such as adding new states or product lines. This forward-thinking approach ensures that your system can accommodate future growth and changes.

Using Mind Maps during the onboarding process enhances your team’s understanding of the product and prepares you for seamless expansion.

S2M Machine-Readable Content: Ensuring System Compatibility

S2M Machine-Readable Content delivers an electronic representation of AAIS insurance products in a JSON format that can be consumable by your system. This component of the toolkit is critical for:

• Seamless System Integration: Technical Specifications provide detailed, standardized data that supports integrating new products into your PAS. This ensures that your system can accurately process and manage the product from day one.
• Reduction in Implementation Time: The standardized format of Technical Specifications helps reduce the time required for system configuration and testing. This efficiency is crucial for meeting your company’s goal of generating premium revenue on an expedited basis.

By providing a clear and standardized format for technical data, S2M Technical Specifications streamline the integration process and accelerate your time to market.

S2M Rating & Data Tables: Accurate Rating Information

S2M Rating & Data Tables include essential AAIS factors, loss costs, and territorial definitions from multistate and state manual pages. These tables are vital for:

• Providing Product Reference Data: Rating & Data Tables offer product reference data in a digital format that is easy to integrate into your system. This eliminates the need for manual data entry and reduces the risk of errors.
• Saving Time and Money: By using preformatted Rating & Data Tables, you can significantly speed up the implementation process. This efficiency not only saves time but also reduces the overall cost of bringing a new product to market.

Rating & Data Tables ensure that your premium calculations are accurate and that your system is efficiently configured to handle new or updated products.

S2M Rating Examples: Understanding Premium Calculations

S2M Rating Examples provide detailed insights into premium calculations using sample rating data. These examples are essential for:

• Ensuring Accuracy with Up-to-Date Data: Rating Examples offer current, state-specific rating information that reflects the latest data and regulatory requirements. This ensures that your premium calculations are accurate and compliant with industry standards.
• On-Demand Guidance: Step-by-step explanations of premium calculations help your team understand and implement complex rating methodologies, ensuring that your system processes premiums correctly from the outset.
• By providing clear and detailed examples, S2M Rating Examples support accurate premium calculations and help your team navigate the complexities of rating methodologies.

The Benefits of Using S2M Tools

Integrating S2M Tools into your onboarding process offers several significant benefits:

• Accelerated Time to Market: The primary goal of the S2M Toolkit is to expedite the implementation of new or updated insurance products. With the support of S2M Tools, you can achieve a faster time to market and start generating premium revenue by utilizing the AAIS onboarding process.
• Increased Accuracy: The detailed, standardized data provided by S2M Tools reduces errors during integration, ensuring correct PAS configuration and accurate premium calculations.
• Enhanced Efficiency: S2M Tools streamline the onboarding process, allowing your team to focus on strategic tasks rather than data entry and formatting issues. This helps you bring products to market more quickly and effectively.
• Flexibility and Adaptability: The S2M Toolkit offers a flexible framework that can adapt to various product types and regulatory environments. This adaptability is essential for managing a diverse portfolio of insurance products and expanding into new markets.
• Comprehensive Support: The S2M Toolkit provides robust support throughout the onboarding process. From visual aids like Mind Maps to detailed Technical Specifications, each component offers valuable insights and resources for a smoother and more effective integration.

Conclusion

The AAIS S2M Toolkit represents a significant advancement in the onboarding and implementation of insurance products. By providing essential tools and resources, the S2M Toolkit helps organizations accelerate product launches, improve accuracy, and enhance efficiency. As the insurance market continues to evolve, having a streamlined and effective onboarding process is more important than ever.

The S2M Toolkit’s comprehensive suite of tools, Product Models (including Mind Maps and JSON Technical Specifications), Rating & Data Tables, and Rating Examples, works together to address the complexities of integrating new products into your PAS. By leveraging these tools, you can overcome common challenges, reduce implementation time, and achieve your goal of generating premium revenue as soon as possible to recoup the costs of adopting a new or updated product.

To explore how S2M Tools can transform your onboarding process, watch the AAIS Webinar replay, Streamlining Product Adoption with the AAIS Speed to Market (S2M) Toolkit, for an in-depth demonstration of how these tools can accelerate your path to market success.

If you are ready to leverage the S2M Toolkit, please reach out to Sheila Morris or Jeff Holaway to kick off the onboarding process and support:

Sheila Morris, CPCU, CPM

Director of Member Success

sheilam@aaisonline.com

(630) 457-3286

Jeff Holaway, CPCU, CPM

Product Technical Lead

jeffh@aaisonline.com

(630) 457-3231

The post Transform Insurance Product Launches with S2M Tools first appeared on AAIS.

Sales and marketing have made arrangements with your agents, product development has established the forms and endorsement plus manual rules and rating information, underwriters have created underwriting guidelines for new business, and the filings have been submitted and approved.

However, everything is on hold while there are delays in implementing and launching this new product on your company’s policy administration system (PAS). But it’s not the fault of the developers and programmers; this is a new product that requires defined forms and endorsements attributes, final rating information, premium calculation steps, precise rating variables, and more.

The AAIS Speed to Market (S2M) Toolkit was created to streamline implementation and accelerate success in insurance rating. S2M Tools provide companies’ policy administration providers (whether it’s an internal home-grown system or an external provider) with a head start in defining the technical specifications.

The AAIS S2M Toolkit provides the following IT advantages:

Product Models

Product Models allow Member companies to consume the content of AAIS insurance products in both human and machine-readable formats.

■ Accelerate product development using visualization tools, product content, and code.

■ Personalize insurance products to meet demands.

■ Create one source of product metadata.

S2M Mind Maps

Mind Maps provide a visual representation of an AAIS insurance product.

 S2M Technical Specifications

Technical Specifications offer an electronic representation of an AAIS insurance product in a system consumable format.

S2M Rating & Data Tables

Rating & Data Tables are AAIS factors and relativities, loss costs, and territorial definitions from multistate and state manual pages.

■ Provide product reference data in a digital format that is easily consumable.

■ Saves time and money to implement a new or updated product on a speed to market basis.

S2M Rating Examples

Rating Examples provide an overview of premium calculations using sample rating information.

■ Current and accurate countrywide, state-specific rating examples are updated when needed.

■ Access to on-demand step-by-step explanations of basic and optional premium calculations.

Many AAIS Members have already benefited from using S2M Tools. Loudoun Mutual Insurance utilized Rating Tables for a new product launch and experienced an accelerated speed to market. “Loudoun Mutual sought speed and efficiency in launching a new BOP line of business and knew policy management system (PMS) configuration would be a significant challenge,” said Tim Koppenhaver, Executive Vice President at Loudoun Mutual. “We reached out to AAIS regarding their Speed to Market feature, and they quickly responded with rating tables in a clear and understandable format, which we shared with CoPilot, our PMS contractor, who found the tables to be essential in getting the line set up.”

“The biggest thing for me is that the tables have made formatting the data much quicker and easier than trying to copy and paste from the manual,” said Lindsay Brooks, Owner of CoPilot. “I would recommend that these always be provided for a smoother, more accurate implementation.”

S2M Tools have helped streamline new product adoption for CFM Insurance and Cornerstone National Insurance as well. “At CFM Insurance and Cornerstone National Insurance, we have introduced a full suite of AAIS products,” explained Joey Kenney from Innovated Holdings. “After implementing the Homeowners By-Peril program, using the AAIS Mind Map was a great way to help our development team understand what needed to be done. It also helped prepare us to introduce additional states in the future.”

Interested in learning more? Watch the replay of the AAIS Webinar, “Streamlining Product Adoption with the AAIS Speed to Market (S2M) Toolkit,” to see a live demo of the S2M Toolkit deliverables.

Reach out to any of the featured webinar speakers through the contact information below to find out how the AAIS S2M Toolkit can accelerate your speed to market!

Sheila Morris, CPCU, AMIM, CPM

Manager of Product Operations, AAIS

sheilam@aaisonline.com

Jeff Holaway, CPCU, CPM

Product Technical Lead, AAIS

jeffh@aaisonline.com

Jason Buchek, CPCU, ARM

Technical Business Analyst, AAIS

jasonb@aaisonline.com

The post Webinar: Accelerate Speed to Market with the AAIS S2M Toolkit first appeared on AAIS.