msg.Life Factory

Life Factory, msg's flagship Policy Administration System, is a cutting-edge actuarial solution that enables flexible and innovative processes to configure and introduce products quickly, across all lines of business and spanning the insurance framework, allowing clients to take advantage of pre-existing templates to accelerate processes, enabling better business opportunities and a shorter time-to-market. This high degree of automation and prefabrication ensures cost-efficiency in policy management. Most of the processes take place in the background, which reduces manual intervention by case handlers to a minimum and significantly shortens processing times. The policy administration system offers audit-proof, seamless timeline management with the option of reactivation to past policy states. All scheduled changes are executed automatically. To further increase efficiency, AI applications are gradually being embedded in the system. CCC Architecture (Core, country, customer) for complete customisation on a project-to-project basis, allowing for a better standard offer according to business needs, promising a continuous delivery and integration mindset, providing quality software releases on a daily basis or just a few hours, as well as to quickly respond to market trends or legal requirements. This solution works as a product-centric PAS, with product knowledge for all business processes provided by microservices that be used on all relevant technical platforms and input channels, allowing for an omnichannel distribution. On request, Msg provides ask:it, an AI-supported knowledge base, tailored to the insurance industry in terms of content and expertise. The application contains the relevant product documentation for msg.Life Factory and delivers quality information quickly, conveniently and consistently at any time and anywhere. AI-based knowledge transfer not only increases efficiency, but also improves the quality of work as the relevant knowledge is available directly, like a digital assistant, for example when developing new tariffs or carrying out complex policy processing. msg.Life Factory is available as a cloud or SaaS solution, providing holistic services including perpetual upgradeable maintenance, application management and operation/hosting. Insurers quickly benefit from the advantages of a modern IT platform, with lower entry running costs for SaaS solutions for small and medium-sized insurance companies. Market-leading experts with over 45 million migrated contracts, msg offers a standardised migration process that has been proven effective in many success cases with previous customers, meeting all legal requirements as well as on-premise and cloud security requirements, also using innovative AI solutions to further optimise this approach. It works extremely well as a standalone solution, with the possibility for the expansion into msg's I-Suite Life, a complete ecosystem with several other modules for complete insurance operations in the life segment (e.g. Billing, Claims, Partner Management, Commissions, etc.). The advantages of this standard software are already enjoyed by many insurance companies. The large user community is actively involved in the further development of the system and offers attractive cost sharing when implementing regulatory requirements or innovative functionalities.