Dynamic policy lifecycle management

A method comprising:

• obtaining one or more specifications related to a first insurance product, the specifications configured as one or more data structures containing processor-executable data elements representative of parameters of the first insurance product;
• obtaining tenant requirements of a first tenant, for one or more parameters of the first insurance product;
• processing the one or more specifications with respect to the tenant requirements to configure a first product model with respect to the first tenant, the first product model being a data structure storing a snapshot of parameters of the first insurance product at a first point in time, according to the requirements of the first tenant;
• storing the first product model in a product model store, the product model store configured as an object-oriented database;
• receiving a first request from a first user, the first request including data related to an insurance product;
• identifying the first product model based on the data of the first request;
• generating, using the first product model, a first policy instance based on at least the first request, the first policy instance representing the parameters of the first insurance product according to the requirements of the first tenant;
• receiving a second request from the first user, the second request comprising one or more changes to parameters of the first policy instance;
• in response to the second request, initiating a product-defined operation with respect to the first policy instance based on the association between the first policy instance and the first product model, to analyze the one or more changes to the parameters of the first policy instance;
• and
• displaying results of the operation on a display associated with the first user.

A non-transitory computer readable medium having instructions stored thereon that, when executed by a processing device, cause the processing device to perform operations comprising:

• obtaining one or more specifications related to a first insurance product, the specifications configured as one or more data structures containing processor-executable data elements representative of parameters of the first insurance product;
• obtaining tenant requirements of a first tenant, for one or more parameters of the first insurance product;
• processing the one or more specifications with respect to the tenant requirements to configure a first product model with respect to the first tenant, the first product model being a data structure storing a snapshot of parameters of the first insurance product at a first point in time, according to the requirements of the first tenant;
• storing the first product model in a product model store, the product model store configured as an object-oriented database;
• receiving a first request from a first user, the first request including data related to an insurance product;
• identifying the first product model based on the data of first request;
• generating, using the first product model, a first policy instance based on at least the first request, the first policy instance representing the parameters of the first insurance product according to the requirements of the first tenant;
• receiving a second request from the first user, the second request comprising one or more changes to parameters of the first policy instance;
• in response to the second request, initiating a product-defined rating operation with respect to the first policy instance based on the association between the first policy instance and one or more rating parameters reflected in the first product model, to analyze the one or more changes to the parameters of the first policy instance;
• and
• displaying results of the operation on a display associated with the first user.