Methods and systems for dynamic design of insurance products

A system for design of an insurance product, comprising at least a processor, configured to

• (a) creating a basic data template for an insurance product, wherein the basic data template comprises one or more modules, with each of the one or more modules comprising one or more sub-modules, and wherein the species and number of the modules comprised in the basic data template as well as the species and number of the sub-modules comprised in each of the one or more modules are extendable;
• (b) configuring for a specific insurance product the species and number of the modules, and for each of the modules configured the species and number of the sub-modules;
• (c) assigning a level to each of the sub-modules;
• and
• (d) correlating the sub-modules to obtain the specific insurance product;
• and
• a storage device, configured to store the one or more modules and the one or more sub-modules.

A system for design of an insurance product, comprising

• (a) a basic data template creation unit for creating a basic data template for an insurance product, wherein the basic data template comprises one or more modules, with each of the one or more modules comprising one or more sub-modules, and wherein the species and number of the modules comprised in the basic data template as well as the species and number of the sub-modules comprised in each of the one or more modules are extendable;
• (b) a module and sub-module configuration unit for configuring for a specific insurance product the species and number of the modules, and for each of the modules configured the species and number of the sub-modules;
• (c) a level assignment unit for assigning a level to each of the sub-modules;
• and
• (d) an output unit for correlating the sub-modules to obtain the specific insurance product.