Core Concepts

Introduction

iFoundry is a product development platform that enables carriers to rapidly build and maintain insurance products. Actuarial, Compliance, IT and Underwriting staff can collaborate and iteratively build products design specifications and implement them quickly. Through integration with bureaus such as ISO & AAIS, iFoundry provides market data required by carriers to iteratively optimize their offerings and make it appealing to their producers and policy holders. As an independent product development solution, iFoundry provides a repeatable and structured approach to define and evolve product specifications.

The product specifications produced from iFoundry can be consumed by run-time engines including ValueMomentum’s own rating engine to compute premiums, determine policy forms to attach and enforce underwriting guidelines.

Deployable both on premises and cloud, iFoundry can be accessed by admin systems through standard web services.

Context

Product design specifications (also referred to as ‘Product Specifications’ or ‘Product Manuals’ or ‘Product Plans’) created within iFoundry can be generally understood as artifacts that provides critical information about a carrier’s offering. Colloquially, it can be construed as information that describes three key aspects of a carrier’s offering for which organizational oversight and governance is well established i.e., Rates, Rules and Forms.

This user guide, developed with the assumption of carrier’s product development staff as most-probable users, describes capabilities, features and processes engineered within iFoundry to efficiently design, develop, and maintain these specifications.

Synopsis

• iFoundry is a framework to create and maintain product specifications.

• Product specifications mean Rate, Rule and Form specifications.

• Product specifications may also be referred to as product manuals.