Microservice - based platform for management of insurance policies

Abstract

A cloud-based insurance underwriting and management platform based on microservice technology which is easily customizable to each insurance provider's specific needs and scalable for any size insurance provider and any number of insureds. In an embodiment, the cloud-based platform comprises an external system interface comprised of application programming interfaces (APIs) through which insurers and insureds can access the features of the platform, a plurality of microservices which provide the features and capabilities of the platform, and one or more databases which store the customer information, policy information, and financial information required for the insurance provider to manage its underwriting and/or policy management.

What is claimed is: 
     
         1 . A cloud-based system for insurance product management, comprising:
 a computing device comprising a memory, a processor, and a non-volatile data storage device;   a product template database stored on the non-volatile data storage device, the product template database comprising a plurality of pre-defined life insurance products;   an external system interface operating on the computing device comprising a plurality of application programming interfaces (APIs);   a plurality of foundational microservices accessible via the APIs of the external system interface each of which implements functionality common to all of a plurality of products supported by the cloud-based system;   a plurality of product-specific microservices accessible via the APIs of the external system interface wherein each product-specific microservice implements product specific capabilities for one of the plurality of products supported by the cloud-based system; and   a product factory for defining new life insurance products based on one of the plurality of templates stored in the product template database, the definitions of which automatically assign a first set of foundational microservices of the plurality of foundational microservices and a first set of product-specific microservices of the plurality of product-specific microservices to each newly-defined life insurance product;   wherein when a first life insurance product is defined using the product factory, management and administration of the first life insurance policy is automated by receipt of API calls via the external system interface to the first set of foundational microservices and the first set of product-specific microservices.