The functionality behind the business service components for IBM GIAS has been field tested by over 200 insurance organizations around the globe. These service components are basically a set of rules that define the insurance product administration processing within the system. This core processing functionality encompasses needs for claims, agency and commissions, multi-company, multi-currency, new business applications, billing payments, ratings and factors and more.
Access to all of the rules inside of these components is provided to users of IBM GIAS. If an operational need arises this is not covered by these functionality rich processing components, such as adding a benefit rider or changing a coverage type or adding a whole new product, the operational area may create a business rule using the integrated world class rules engine inside of IBM GIAS or may call up a Web Services component or application to provide the new processing requirement. This capability extends the functional processing and allows an organization to quickly respond to a market trend, a consumer requirement, a specific regulation or basically a change in a product’s revenue capability. Such agility can transform an organization to competently and swiftly serve policyholders and retain more business.