One of the exciting aspects of working with smart, motivated people is: they tend to have smart ideas, and then follow them through to create unique products.
Our partnership with India-based Actlogica was primarily driven by the good strategic fit for both parties; Actlogica were looking for a consultancy partner in Europe, and LiqidSolutions were keen to bring onboard some technical and development capabilities.
We already knew that Actlogica had successfully developed and launched – in a very short timescale – a successful Wrap platform (FinFlo Enterprise) in their home market, but were still surprised when they showed us another platform they had been developing “because we could”.
Actuarial Abilities + Technical Expertise = Avislic
The principals at Actlogica – Ameet Ayare and Archana Anoor – recognised the difficulties faced by the actuarial functions of insurance companies who are challenged with designing, developing, testing and launching new insurance products quickly – while still carrying out extensive modelling to ensure the product is configured and setup as expected across various systems of a life insurance company.
The resulting software suite – Avislic – aims to streamline insurance product development lifecycle to bring in efficiency in product comparison, modelling, development, testing, and sales areas.
The software is a product analysis and design platform for designing product features along with the ability to generate policy illustrations and a testing module for testing new and existing products. It is also a sales platform where the sales personnel can create visually appealing, easy to understand policy benefit illustrations of the product being sold alongside other financial & insurance products in the market.
At the heart of Avislic is a proprietary actuarial core Modelling Engine. This allows a user to configure various features of life insurance products in minutes.
The team at Actlogica have also constructed a prototype application, illustrating to potential clients ways in which the Modelling Engine can be utilised:
The Test Center can be used to continuously test product configurations. It can be customised to connect to an existing Policy Administration System, thus mitigating the risk of inaccurate product configuration – and remove the monitoring overheads in Operations.
The Build Center allows teams to effectively & efficiently collaborate on product ideas by building mock products with various configurations. Teams can experiment with the features before building out the entire product.t.
Finally – the Sales Center empowers a sales force with a ‘whole of market’ tool to compare products in real time with the customer. It provides the ability to add customer’s existing assets, liabilities, existing insurance policies alongside the product being sold – to show a true picture of all the cash flows.
We are excited to help Actlogica engage with potential users in the UK Life Insurance market, and see how this promising software product can enhance the new product development lifecycle.
We are also particularly keen to help Actlogica and their clients explore the significant potential of the modelling and testing capabilities in the ever-challenging world of legacy platform migrations. The challenges of migrating decades-old products with outdated (or absent…) product specifications, and expected results modelled on reverse engineered calculations is an area which will surely benefit from the ability to quickly model those products and integrate the resulting calculation engine with a client’s own systems or testing environment.