Jama Software®, the industry-leading requirements management and traceability solution provider, has released an insurance framework and dataset that streamlines and simplifies product development for the insurance industry. With increased challenges and a changing landscape, insurance carriers are facing competitive pressures related to growth and profitability. Carriers can now use Jama Connect® to make product development more efficient and deliver high quality products on time and on budget.
“Insurance carriers are facing increased pressure to bring new and competitive products to market, across multiple jurisdictions and lines of business. At Jama Software, we’ve developed a customizable framework to allow our insurance customers to create a scalable and standardized approach to managing their up-front product requirements through downstream systems development. This framework allows carriers to innovate, bring products to market quicker, and ultimately better serve their customers” said Steven Meadows, Solutions Lead for Insurance Industry at Jama Software
“With the increased complexity associated with developing insurance products, the traditional method of insurance product development is no longer viable.” stated Tom Tseki, Chief Revenue Officer at Jama Software. “The challenges associated with business analysts leveraging spreadsheets to try to ensure everyone is working off a live single source of truth is nearly impossible. Business analysts are constantly chasing development teams to get progress and status updates while trying to manage changes and inform all the upstream and downstream activities/teams of the changes before too much work is completed. This disjointed and out-of-sync approach means a lack of real-time visibility and control which results in significant rework, increased costs, and product delays.” Tseki continued.
“A real solution for managing insurance product requirements and specifications across multiple states, products, and departments has long been overdue,” said Allison Roberts, President of Genesis Management Consulting. “Jama Connect is that solution, bringing business units and IT together on a common requirements platform. It’s intuitive enough for non-technical users, configurable around existing processes and toolsets, and sophisticated enough to support everything from requirements reuse, comparisons, collaboration, change control, integrated test management, and more. As product portfolios get more complex, it’s important to manage requirements so they don’t manage you. The Jama Connect insurance framework places your organization in the driver’s seat – increasing product quality and standardization, speed to market, and scalability. It’s a game changer.”
With effective requirements management and Live Traceability™ in Jama Connect, insurance carriers can easily manage new product requirements from ideation through to implementation, enhancement, and revisions — enabling them to meet regulatory requirements, maximize development efficiency, and accelerate speed to market.
