FORM 2
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003
COMPLETE SPECIFICATION
(See Section 10 and Rule 13)
Title of invention: A SYSTEM AND METHOD FOR MODELING OF A PLURALITY OF PRODUCTS
Applicant
TATA Consultancy Services Limited A company Incorporated in India under The Companies Act, 1956
Having address:
Nirmal Building, 9th Floor,
Nariman Point, Mumbai 400021,
Maharashtra, India
The following specification particularly describes the invention and the manner in which it is to be performed.

FIFLD OF THE INVENTION
The present invention relates to product design and management and more particularly relates to a system for modeling of a plurality of products by synthesis of at least one attributed behavior of at least one associated product element.
BACKGROUND OF THE INVENTION
The existing enterprise solution systems offered to streamline product delivery processes related to specific needs, business processes, and problems for a certain industry, such as insurance claim processing, health care insurance filing, mortgage application handling, etc. Industry solutions often consists of one or more operating systems and middleware products that are packaged along with customized, industry specific, data, and code that are installed and configured to function as one cohesive business solution. There are many software and consulting firms using wide array of software products by many vendors focused on providing a solution to generate smart products.
To generate these product solutions in relation to a specific industry, the availability of only input data elements and processing of data to be consistent with rules is not sufficient. To generate a smart product the essentials are expert level skills and knowledge encoded into the product platform having flexibility to configure provide options to user and adhere to the protocols, etc. Further, all of these different components of a product platform must integrated and cooperate with each other to generate product.
The product development platforms are expected to provide product generation wizard that utilizes templates and interfaces with predefined intelligence to allow speedy assembly of various software components into one cohesive product form. in the existing product development platforms all mentioned components forms the part of the platform, however, integration of all the components to flexibly accommodate and synthesize the behavioral aspects of various elements of a product is not addressed.
In a typical insurance product industry, many Insurers create and manage their products through various means- either through backend configuration or hard coding the product features in the application or using product configurator. Insurers have to constantly monitor the performance of the existing products, tweak the product and re-launch the product, retire the unviable products, introduce all-together new innovative products, This is a continuous process and Insurers have to invest significant time and money to observe the market and take decisions related to product

management. Creation and management of products through hard coding or backend configuration do not give the required maneuverability to Insurers. A task of even changing a single field becomes a complicated process.
Competitive environment, regulatory mandates and most importantly ever growing customer expectations warrant a continuous strategy towards product development. Fulfilling different stakeholders' requirements require a flexible and a scalable platform for Insurers, which will help them to launch their products quickly with a lesser dependency on the IT, designing of new products and management of changes made to the accommodate new products.
Some Of the inventions which deal with create and manage the products utilizing the platforms are:
US7620885 to Moulckers et al. teaches a system for solutions generation in the form electronic documents by means of various computing components implemented by a solution building wizard having configurable behavioral models associated with a system solution design and preconfigured behavioral model and interface parameters according to a set of user inputs to generates standard solution. Though Moulckers et al. teaches the system that employs essentials of the product development platform, flexibility to develop variety products employing essential components to generate multiple behavioral models for multiple industries is not address.
US7631299 to Kannenberg teaches a system, method for modifying insurance transaction processing software. A library of code packets may be stored in a database. One or more code packets may implement at least one business requirement of an insurance organization. If the organization changes one of the business requirements or develops a new business requirement, a user may modify an insurance transaction processing program to reflect the change via a rules engine. The rules engine may be operable to generate program code assembly instructions based on user input. The assembly instructions may be used by a code assembler to form program code for an insurance transaction processing program software module. The insurance transaction processing program may be changed by adding a formed software module. The system of Kannenberg is inherently rigid system, which requires changes made to product elements during product development to be hardwired into a rule engine. Thus the system is not flexible to accommodate behavioral changes of the product elements.
US7676387 to Childress et al. teaches methods, systems and carrier media for viewing business rules are disclosed. Components of the business rules may be stored as entries in one or more database tables. A rule editor may access business rule components and assemble the
3

components to form a graphical display of a business rule. In various embodiments, the graphical display may allow the user to view, edit and/or create business rules.
US5523942 to Tyler et al. teaches a computer implemented graphical user interface for receiving instructions and information relating to insurance products, and for displaying insurance proposals relating thereto. The graphical user interface has an insured section for receiving personal information about a person to be insured and a product design sect/on for receiving information specifying an insurance product and the insurance products components. The product design section has a design grid which is a matrix enabling input of product information, premium information and dividend information relating to a selected insurance product. The design grid enables a user to select a solve procedure and variable as the subject of the selected solve procedure.
None of above mentioned prior art provides maneuverability for changing behavioral aspects of product elements flexibly for customizing and launching new products in quick time. Moreover, the product platforms for offering product solutions to multiple Line of businesses within Insurance are not disclosed in the prior art.
Thus, in the light of the above mentioned prior art, it is evident that, there is a need to have a system having unified product platform and product repository to create and manage various types of products quickly, with enhanced flexibility, scalability with reduced human effort.
OBJECTIVES OF THE INVENTION
The principle object of the present invention is to provide a system that utilizes the platform and product repository to create and manage various types of products quickly, with more flexibility, scalability with reduced IT effort.
Another significant object of the invention is to provide a Product Model platform that would be used to create multiple instances of product solution models pertaining to different Line of Business
Another significant object of the invention is to provide a built in Product Repository with a system to create and manage the products.
Another object of the invention is to provide a system to enable product creation and management without prior technical knowledge.

Further another object of the invention is to provide system to enable product creation and management without backend configuration or hard coding.
Still another object of the invention is to provide a flexible and a scalable system for Insurers, which will help them to create, edit, and launch their products quickly.
Yet another object of the invention is to provide a system for editing existing model, benefit, and/or product and creating new model, benefit, and/or product by cloning.
In a yet another object of the invention is to create a new mix of product using a combination of different features from multiple products (Using Merge Facility).
SUMMARY OF THE INVENTION
Before the present systems, methods, and hardware enablement are described, it is to be understood that this invention is not limited to the particular systems, and methodologies described, as there can be multiple possible embodiments of the present invention and which are not expressly illustrated in the present disclosures. It is also to be understood that the terminology used in the description is for the purpose of describing the particular versions or embodiments only, and is not intended to limit the scope of the present invention which will be limited only by the appended claims.
Creation and management of products through hard coding or backend configuration do not give the required maneuverability to Insurers. Even changing a single field becomes a complicated task.
In a competitive environment, regulatory mandates and most importantly ever growing customer expectations warrant a continuous strategy towards product development. Fulfilling different stakeholders' requirements require a flexible and a scalable system for Insurers, which will help them to launch their products quickly with a lesser dependency on the IT, design new products and manage products.
Accordingly, the present invention provides a system that utilizes the platform and product repository to create and manage various types of products quickly, with more flexibility, scalability with reduced IT effort.

A system for creating Product solution models of various types of products by synthesis of at least one attributed behavior of at least one associated product element, the system comprising: a product modeling platform including a hardware means for configuration of at least one product element and executing at least one associated logical process, the product elements are selected from the group of claims, frequencies, coverage benefits, term/period, stakeholders, other policy services, surrender/withdrawal, fund switch, commission, or fees and charges and so on.
A product building wizard running on the said modeling platform having a plurality of predefined configurable product solution models associated with the said products, wherein the models can be created from a schema repository, each product solution model having a plurality of configurable model parameters and at least one associated structured schema repository containing a predefined structured representation of a plurality of the product elements associated with the said product solution models, each model parameter and the product elements are operably coupled to an associated configuration rule determining a logical and permissible behavior of at least one attribute of each of the product element in accordance with the user input.
A product solution model panel visually representing a structured schema repository of a product under configuration, each model panel is operably coupled with a product configuring means for creating, removing, amending at least one behavioral attribute of at least one product element.
A product illustration means displaying a real time updated structure of at least one product element of the product under synthesis, each updated product element having an associated instance stored in the repository.
A product creation means cooperative with said product building wizard configured to verify behavior configuration completion of said model parameters and product elements for each configured behavioral model instance, storing an instance of at least one associated synthesized product in at least one schema repository.
A product integration means of said modeling platform configured to aggregate said synthesized
product into an electronically deliverable format.
A product transmitter means of said modeling platform configured to transmit said product to any target system over a XML and/or Web services.

According to various embodiments of the invention, the products solution models are preferably from the group of predefined product solutions related to an insurance industry.
According to various embodiments of the invention, the product solution model is augmented to create at least one product related to an insurance policy, life insurance, accident insurance, Pens/on or Annuity and so on.
BRIEF DESCRIPTION OF THE DRAWINGS
The foregoing summary, as well as the following detailed description of preferred embodiments, are better understood when read in conjunction with the appended drawings. For the purpose of illustrating the invention, there is shown in the drawings example constructions of the invention; however, the invention is not limited to the specific methods and system disclosed. In the
drawings:
Figure 1 shows a system and method for creating a product/Benefit according to various embodiments of the invention.
Figure 2 shows a system for creating and managing a product according to various embodiments of the invention.
Figure 3 illustrates structure of the product according to one embodiment of the invention.
Figure 4 shows the technical architecture of implementing the system in the network according to various embodiments of the invention.
DETAILED DESCRIPTION OF THE INVENTION
Some embodiments of this invention, illustrating all its features, will now be discussed in detail.
The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent fn meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be
limited to only the listed item or items.
It must also be noted that as used herein and in the appended claims, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although

any systems and methods similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present invention, the preferred, systems and methods are now described.
The disclosed embodiments are merely exemplary of the invention, which may be embodied in various forms.
Creation and management of products through hard coding or backend configuration do not give the required maneuverability to Insurers. Even changing a single field becomes a complicated task.
in a competitive environment, regulatory mandates and most importantly ever growing customer expectations warrant a continuous strategy towards product development. Fulfilling different stakeholders' requirements require a flexible and a scalable system for Insurers, which will help them to launch their products quickly with a lesser dependency on the IT, design new products and manage products.
Accordingly, the present invention provides a system that utilizes the platform and product repository to create and manage various types of products quickly, with more flexibility, scalability with reduced IT effort.
A system for modeling of a plurality of products by synthesis of at least one attributed behavior of at least one associated product element, the system comprising:
a) a product modeling platform including a hardware means for computing configuration of at least one product element and executing at least one associated logical process;
b) a product building wizard running on the said modeling platform having a plurality of predefined configurable product solution models associated with the said products, each product solution model having a plurality of configurable model parameters and at least one associated structured schema repository containing a predefined structured representation of a plurality of the product elements associated with the said product solution models, each model parameter and the product elements are operably coupled to an associated configuration rule determining a logical and permissible behavior of at least one attribute of each of the product element in accordance with the user input;
c) a product solution model panel visually representing a structured schema repository of a product under configuration, each model panel is operably coupled with a product configuring means for creating, removing, amending at least one behavioral attribute of at least one product element;

d) a product illustration means displaying a real time updated structure of at least one product element of the product under synthesis, each updated product element having an associated instance stored in the repository;
e} a product creation means cooperative with said product building wizard configured to verify behavior configuration completion of said model parameters and product elements for each configured behavioral model instance, storing an instance of at least one associated synthesized product in at least one schema repository;
f) a product integration means of said modeling platform configured to aggregate said synthesized product into an electronically deliverable format; and
g) a product transmitter means of said modeling platform configured to transmit said product to a target system over a suitable communication link.
Figure 1 shows a system and method for creating a product according to various embodiments of the invention. The system 100 comprises product and benefit repository 114 and a product modeling platform 102 (shown in figure 2). The said repository 114 of the system 100 comprises of the information in a structured format of all the Insurance products stored therein. The repository 114 contains features of various product types like Term Insurance, Endowment, Wholelife, Annuities, Unit linked products, and so on. According to one embodiment of the invention, the repository 114 is logically categorized into groups, which will help to identify related components 138/attributes 140 under one heading. Users get a single view of the features in a structured form.
The System 100 loads the repository 114 for the combination of product parameters 112 such as Business type, Product Type, Country, State, and Company. Repository 114 contains product data of various product types in a structured format for re-use while building a product 134.
The product solution model 110a and benefit model 110b are created from the repository 114 by using the said platform 102 based on the product/model parameters 112. The product/model parameters 112 can be selected from the group of Business Types, Product type, Country, state, company, etc.
After creating the product solution model 110a and benefit model 110b, coupling the product features with benefit features to constitute a product 134 using the product modeling platform 102.
The product 134 can be insurance product; each insurance product 134 contains a set of benefits for the customer. Some of the benefits are embedded with a product. The additional benefits can

be produced as a separate standalone product 156 also. For example, Accident Benefit can be purchased a separate policy. The same Accident Benefit can also be part of a product 134. Whenever it is offered as an additional benefit it becomes a rider in insurance parlance.
Figure 2 shows a system for creating and managing a product according to various embodiments of the invention. Primarily Policy admin application 144 (not shown in figure) needs the product information to issue a policy. Other applications that need product info are Quote/Illustration system, Insurer's portals, internet /intranet, and so on. Initially the Policy admin application 144 receives product information, and sends the same to the system 100 for creating a new product 134.
The system 100 comprises product and benefit repository 114 and a product modeling platform 102, etc. The system 100 is a product designer and management framework. It empowers the business users to design and manage life insurance products at ease without any prior technical knowledge. The product administrator 144 controls the modeling process on the said modeling platform 102. The product modeling platform 102 providing a means for receiving the information related at least one product parameter 112 and product element 106. The said product parameters 112 are selected from the group of business type, product type, country, state, company, etc. The said product elements 106 are selected from the group of claims, frequencies, coverage benefits, term/period, stakeholders, other policy services, surrender/withdrawal, fund switch, commission, or fees and charges and so on.
The product modeling platform 102 has the following modules namely a product modeling module 146, benefit management module 148, and product management module 150. The product modeling platform 102 having product modeling module 146 to create and modify product solution models 110a. The product modeling platform 102 including a hardware means 104 (not shown in the figure) for computing configuration of at least one product element and executing at least one associated logical process and a product building wizard running on the said modeling platform 102 having a plurality of predefined configurable product solution models 110a associated with the said products, each product solution model 110a having a plurality of configurable model parameters 112 and at least one associated structured schema repository 114 containing a predefined structured representation of a plurality of the product elements 106 associated with the said product solution models 110a, each model parameter 112 and the product elements 106 are operably coupled to an associated configuration rule 116 (not shown in the figure) determining a logical and permissible behavior of at least one attribute of each of the product element in accordance with the user input.

With basic understanding of product composition, Business users can create a Model specific for the combination of business types, Product type, Country, State and Company. Marketable products/products 134, which are instances, will be carved out of the Product Model 110a. This Model is basically created from a repository and the mode! facilitates the Product Manager to restrict the features of the product while creating a product 134 to an extent. The model gives the complete view of all the products features of a particular product type. Using product modeling module 146 a user can create and manage models 110a. Manage models 110a includes editing the existing model 110a and creating a new Model 110a using Cloning feature.
According to one embodiment of the invention, the product modeling platform 102 is adapted to generate at least one clone of the product solution model 110a associated with the said product 134 for emulating the existing product solution model 110a for accommodating changed behavioral attributes of at least one product parameter 112 and/or product element 106.
According to one embodiment of the invention, the product modeling platform 102 is adapted to create at least one product solution model 110a in relation to at least one product parameter 112, wherein the said product solution model is stored in the repository and each processing of at least one product element in the said product solution model 110a is stored as a separate product solution model 110a in the repository 114. The products solution models 110a are preferably from the group of predefined product solutions related to an insurance industry
The product modeling platform 102 having benefit management module 148 adapted to create and modify at least one benefit in the insurance product in accordance with the user input. The benefit model 110b is created from the repository using the platform 102. After creating the product solution model 110a and benefit model 110b, coupling the product features with benefit features to constitute a product 134 using the product modeling platform 102.
Each insurance product 134 contains a set of benefits for the customer. Some of the benefits are embedded with a product. The additional benefits can be produced as a separate standalone product also. For example, Accident Benefit can be purchased a separate policy. The same Accident Benefit can also be part of a product. Whenever it is offered as an additional benefit it becomes a rider in insurance parlance. Manage benefit includes editing the existing benefit and creating a new Benefit using Cloning feature
The product modeling platform 102 having product management module 150 to create and manages the products 134 from the Product solution model 110a and the benefit model 110b. Business user can create new products 134 for different product types by dragging and dropping

the features from the Product Model 110a and optionally a benefit model 110b and coupling them to constitute a new product 134. According to one exemplary embodiment of the invention, the product modeling platform 102 is adapted to generate at least one new product by combining one or more features of one or more different existing products. According to another exemplary embodiment of the invention, the product modeling platform 102 is used to create a new mix of product using a combination of different features from multiple products (Using Merge Facility).
Creation of the product using the platform is explained as below; Initially a user can selects the "Product Management" menu using the product modeling platform then he selects "create Product" sub menu subsequently he selects the "Manual Creation". Then he selects a product model which is stored in the repository using various filters and creating a Product under 'Create Product' Menu. On clicking of 'Create Product' option, system opens the Product creation screen and loads the Product solution Model (left panel) for the combination of Business Type, Product Type, County, State and Company. Features are logically grouped and represented as accordions. Each accordion has Component and Attribute structure. Accordion can be expanded and collapsed as per requirement.
Product structure (sown in figure 3) can have both the Product properties and Benefits or Product Properties alone. Before building product features, the business user has to complete the Product Details section. The Product Management module having the a product solution model panel 118 on the left side of the screen, a product illustration means 124 is on right of the screen and a product creation means 126 (not shown in the figure) having a workspace 122 is in the centre of the screen.
A product solution model panel 118 visually representing a structured schema repository 114 of a product under configuration, each model panel is operably coupled with a product configuring means 120 (not shown in the figure) for creating, removing, amending at least one behavioral attribute of at least one product element. A product illustration means 124 displaying a real time updated structure of at least one product element of the product under synthesis, each updated product element having an associated instance stored in the repository. A product creation means 126 cooperative with said product building wizard configured to verify behavior configuration completion of said model parameters 112 and product elements 106 for each configured behavioral model instance, storing an instance of at least one associated synthesized product in at least one schema repository 114.
Workspace 122 is provided to drop product elements and add new elements relating to changed or new behavior of the product element. The platform of the present invention instantaneously

builds hierarchical product architecture in the product illustration means 124. Product element(s) from the product illustration means 124 can be again dragged back to the workspace 122 for behavioral synthesis wherein necessary changes can be made to the properties of the product element. New elements that are added to the new product 134 are stored as a separate Product Solution Model 110a in the Repository 114. Apart from the basic product elements, additional benefits can be attached/detached to/from the base product. The system 100 also comes with an Upload option wherein the business users can directly upload the Products element in to the system using a pre-defined template.
According to various embodiments of the invention, the user is provided with friendly options of dragging and dropping a product Group 136/Component 138/Attribute 140 from a product model 110a for a combination of business type, Product type, country, state and company to the workspace 122. User can either add a Component 138 or an Attributes 140 using the options available in the platform 102. While adding a Component 138, system 100 checks for the entered Component across Product types by providing suggestive help on creation of new components 138. The system 100 provides the business user to reuse the Components 138 or Attributes 140 that is already available in other Product types. In this way, system 100 ensures the uniqueness of the Components and the Attributes. Newly added Attribute 140 or Component 138 gets added to the Model and Repository 114 for exploitation of the stored Product Model 110a during similar behavioral product generation query in future.
According to various embodiments of the invention, each Product Solution Model 110a is augmented to create at least one product related to an insurance policy, life insurance, accident insurance, Pension or Annuity and so on.
According to one embodiment of the invention, product integration means 128 (not shown in figure) of said modeling platform 102 configured to aggregate said synthesized product into an electronically deliverable format and a product transmitter 130 (not shown in figure) means of said modeling platform 102 configured to transmit said product to a target system over a suitable communication link. According to one exemplary embodiment of the invention the said suitable communication medium can be selected from one of a XML and/or Web services.
According to one embodiment of the invention, at least one synthesized product 134 is transmitted invoking a web-service for transmitting synthesized product in a XML format to at least one intermediate product handler 152 (not shown in the figure) and to the target system.

According to one embodiment of the invention, the product modeling platform 102 is adapted to create and modify the rules associated with the configuration rule 116 for defining and executing a logical process in relation to user input at plurality of levels of product modeling, The levels are Model 110a, Product, Group 136, Component 138 and Attribute 140.
According to various embodiments of the invention, the platform 102 having various search filters have been provided to the user to narrow down to the product 134 that requires further action. Once the product 134 is selected, Product solution Model 110a and product illustration means 124 (base product and additional benefits attached) are displayed to the user by display means. User can make the required changes to the base product, detach the additional products, add new features, and edit the values in the workspace 122 and save the product 134. Apart from modifying products, user is also provided with the following features
> Clone: Model/Benefit/Product can be cloned and a new product can be created. This reduces the effort of creating the instance again whenever the business user wants to create a newer version (of the existing Model/Benefit/Product) with minor variants of its features.
> Merge: A business can mix and match different product features across different products and can create new innovative product(s). This helps to maintain the competitive edge.
> Compare: Comparison of products can be done at Group 136, Component 138, Attribute 140 and value 142 levels. Color indication is provided to distinguish the features that are different between the compared products.
> View: Under the traditional way of looking at product information through excel word and other unstructured formats it is difficult to visualize the features of a product. The system 100 comes with a structured representation of the product information in a way that it gives a comprehensive and understandable manner. The system 100 comes with a facility to view the features in an expandable and collapsible format.
Figure 3 illustrates structure of the product according to one embodiment of the invention. The product 134 having the following structures namely group 136, component 138, attribute 140, and value 142. The product 134 can be created from the system 100 related to insurance policy, life insurance, accident insurance, Pensions or Annuities, etc. The product contains many Groups 136 for e.g.; age. Each group 136 contains one or more components 138 for e.g.: life assured age at entry. Each component 138 contains an Attribute 140 for e.g.: minimum age at entry, And an attribute 140 may or may not contain a value 142 for e.g.: 18 and/or 65.

Figure 4 shows the technical architecture 200 of implementing the system in the network according to various embodiments of the invention. The system is designed in such a way that the Product information can be sent as a 'feed' to any application (product solutions) that requires product information in the form of XML/web service. Primarily Policy admin application 144 needs the product information to issue a policy. Other applications that need product info are Quote/ Illustration system, Insurer's portals, internet/intranet, and so on. The system 100 ensures easy integration with other interfaces.
The system can be implemented with network (other interfaces) provided with Internet explorer 7.0 and above with Flash player 10 therein. The software requirements for deployment of the system with network (other interfaces) provided with Adobe Flash Player, Oracle 9i, and Web logic Server 9.
BEST MODE/EXAMPLE OF WORKING OF THE INVENTION
The invention is described in the example given below which is provided only to illustrate the invention and therefore should not be construed to limit the scope of the invention.
Creation and management of products through hard coding or backend configuration do not give the required maneuverability to Insurers. Even changing a single field becomes a complicated task.
In a competitive environment, regulatory mandates and most importantly ever growing customer expectations warrant a continuous strategy towards product development. Fulfilling different stakeholders' requirements require a flexible and a scalable system for Insurers, which will help them to launch their products quickly with a lesser dependency on the IT, design new products and manage products.
Accordingly, the present invention provides a system that utilizes the platform and product repository to create and manage various types of products quickly, with more flexibility, scalability with reduced IT effort.
The product modeling platform having product management module to create and manages the products from the Product solution model and the benefit model. Initially a user can selects the "Product Management" menu using the product modeling platform then he selects "create Product" sub menu subsequently he selects the "Manual Creation".

Then he selects a product model which is stored in the repository using various filters and creating a Product under 'Create Product' Menu. On clicking of 'Create Product' option, system opens the Product creation screen and loads the Product solution Model (left panel) for the combination of Business Type, Product Type, County, State and Company. Features are logically grouped and represented as accordions. Each accordion has Component and Attribute structure. Accordion can be expanded and collapsed as per requirement.
Product structure can have both the Product properties and Benefits or Product Properties alone. Before building product features, the business user has to complete the Product Details section. User can drag and drop the required product feature(s) from the Product solution Model (left panel) to the workspace (centre of the screen). This facility is provided at various levels viz. Group, Component (s) and Attribute (s) by the product modeling platform.
User is provided with the 'check all' or 'check one' box for selecting product feature both in the Product solution Model (left panel) and workspace (centre of the screen). This option can be exercised either at the Group or Component or Attribute level.
User is also provided with the following options by the product modeling platform
1. Add Component
2. Add Attribute
3. Edit Attribute
4. Add Value
5. Delete Attribute
On clicking of 'Add component' icon by the user, system opens a window with a text box. Context sensitive help is provided to the user, which ensures that duplicate components are not created. User can either select a component from the dropdown list or create a new component. Upon confirmation of the newly added component, the same appears in the workspace for further action. Business User may either Add/Delete/Edit the newly added Attributes to the product. Also the user can add values to the Attributes.
In next step, when the products features are added and selected in the workspace by the user, the same gets added to a "Product illustration means" (right side of the panel). Product illustration means and Product solution Model has the same structure. Expand/collapse option is provided to the user to view the features beneath the accordion which is available in the product modeling
platform.

The user can drag and drop the Product features from a Product illustration means to the workspace and edit/delete the features. Feature(s) that is deleted is enabled in the product solution model panel for future selection.
After creating the product by using above mentioned method, additional benefits can be attached to the Product by the user. Upon dragging the Benefit from the product solution model panel, user is prompted to select from two options i.e. 1) Attach Benefit to core product 2) Attach Benefit as Additional Benefit
User decides as per the business requirement and attaches the Benefit either to core product or add as additional benefit. If user attaches the benefit to the core product, attached benefit appears under the 'Product Properties' as another accordion else appears under 'Additional Benefits'.
Finally the user created the product as per the requirement of the customer by the using the product modeling platform.
The system also provides options to the user to Save or Submit or Cancel the Product. On clicking the save option by the user, the created product is saved in database for future retrieval. On clicking the Submit Option by the user, the created product gets saved and goes to the Product administrator for approval. On clicking the Cancel Option by the user, the created product will not be saved in the product repository.
Additionally, the system is also provides the user to view the product in two ways 1) Standard View 2) Tree View and also the user has the facility to expand and collapse the Product properties and Benefit section to get complete view of the product created by clicking the "Product Management" menu, and selecting "Manage Product" sub menu, then selecting the "View or Reports" sub-sub menu and finally clicking the "View Product" menu.
The preceding description has been presented with reference to various embodiments of the invention. Persons skilled in the art and technology to which this invention pertains will appreciate that alterations and changes in the described structures and methods of operation can be practiced without meaningfully departing from the principle, spirit and scope of this invention.

WE CLAIM
1. A system for modeling of a plurality of products by synthesis of at least one attributed behavior of at least one associated product element, the system comprising:
a) a product modeling platform including a hardware means for computing configuration of at least one product element and executing at least one associated logical process;
b) a product building wizard running on the said modeling platform having a plurality of predefined configurable product solution models associated with the said products, each product solution model having a plurality of configurable model parameters and at least one associated structured schema repository containing a predefined structured representation of a plurality of the product elements associated with the said product solution models, each model parameter and the product elements are operably coupled to an associated configuration rule determining a logical and permissible behavior of at least one attribute of each of the product element in accordance with the user input;
c) a product solution model panel visually representing a structured schema repository of a product under configuration, each model panel is operably coupled with a product configuring means for creating, removing, amending at least one behavioral attribute of at least one product element;
d) a product illustration means displaying a real time updated structure of at least one product element of the product under synthesis, each updated product element having an associated instance stored in the repository;
e) a product creation means cooperative with said product building wizard configured to verify behavior configuration completion of said model parameters and product elements for each configured behavioral model instance, storing an instance of at least one associated synthesized product in at least one schema repository;
f) a product integration means of said modeling platform configured to aggregate said synthesized product into an electronically deliverable format; and
g) a product transmitter means of said modeling platform configured to transmit said product to a target system over a suitable communication link.
2. The system of claim 1, configuring means having a worKspace for synthesis of behavioral attributes of the product element wherein the user uses the predefined product elements in the product solution model panel or creates a new product element in the said product solution model panel, at least one product element is dragged into the workspace for conditioning the behavioral attribute of the product element in accordance with the user input.

3. The system of claim 1, wherein the products solution models are preferably from the group of predefined product solutions related to an insurance industry.
4. The system of claim 1, wherein each product solution model is augmented to create at least one product related to an insurance policy, life insurance, accident insurance, Pensions and/or Annuities.
5. The system of claim 1, wherein the product modeling platform providing a means for receiving the information related at least one product parameter and product element and at least one product administrator controlling the modeling process on the said modeling
platform.
6. The system of claim 1, wherein the product parameters are selected from the group of business type, product type, country, state or company.
7. The system of claim 1, wherein the product elements are selected from the group of claims, frequencies, coverage benefits, term/period, stakeholders, other policy services, surrender/withdrawal, fund switch, commission, or fees and charges.
8. The system of claim 1, wherein the product modeling platform is adapted to generate at least one clone of the product solution model associated with the said product for emulating the existing product solution model for accommodating changed behavioral attributes of at least one product parameter and/or product element.
9. The system of claim 1, wherein the product modeling platform is adapted to generate at least one new product by combining one or more features of one or more different existing products.
10. In the system of claim 1, the product modeling platform is adapted to create at least one product solution modef in relation to at feast one product parameter, wherein the said product solution model is stored in the repository and each processing of at least one product element in the said product solution model is stored as a separate product solution model in
the said repository.
11. In the system of claim 1, the product modeling platform is adapted to create and modify the
rules associated with the rule engine for defining and executing a logical process in relation to
user input at plurality of levels of product modeling.

12. In the system of claim 1, the product modeling platform having product modeling module to create and modify product solution models.
13. The system of claim 1, wherein the insurance product synthesis includes associated benefit management module adapted to modify the at least one benefit in the insurance product in accordance with the user input.
14. The system of claim 1, wherein at least one synthesized product is transmitted invoking a web-service for transmitting synthesized product in a XML format to at least one intermediate product handler and to the target system.
15. A method for modeling of a plurality of products by attributed behavior synthesis of at least one associated product element, the method comprising the steps of:

a) running a product building wizard on a product modeling platform and selecting at least one matching product solution model associated with the product under synthesis from the group of a plurality of predefined configurable product solution models, each product solution model having a plurality of configurable model parameters and at least one associated structured schema repository containing a predefined structured representation of a plurality of the product elements associated with the said product solution models, each model parameter and the product element are operably coupled to an associated configuration rule engine determining a logical and permissible behavior of at least one attribute of each of the product element in accordance with the user input;
b) computing behavior configuration of at least one product element on a product modeling platform and associated hardware components, building at least one logical product model for executing at least one associated configuration process;
c) visually representing a structured schema repository of a product solution model in a model panel of a product under configuration, each model panel is operably coupled with a product configuring means for creating, removing, amending at least one behavioral attribute of at least one product element;
d) displaying a real time updated structure of at least one product element of the product under synthesis on a product illustration means, each updated product element having an associated instance stored in the repository;
e) verifying behavior configuration completion of said model parameters and product elements for each configured behavioral model instance, a product creation means cooperating with said product building wizard checking the status of process configuration and storing an instance of at least one associated synthesized product in at least one schema repository;

f) aggregating said synthesized product into an electronically deliverable format the product creation means cooperating with a product integration means of said modeling platform to aggregate the synthesized product elements; and
g) transmitting the synthesized product to a target system over a suitable communication link.

16. The method of claim 15, user configuring behavioral attributes of the product element in a workspace of a product configuring means wherein the user selecting the predefined product elements in the product solution model panel or creating a new product element in the said product solution model panel, the user dragging at least one product element into the workspace for conditioning the behavioral attribute of the product element in accordance with the new input.
17. A system and method for modeling of a plurality of products by synthesis of at least one attributed behavior of at (east one associated product element substantially as herein described with reference to and as illustrated by the accompanying drawings.