A repository of approved rules, product configurations, tariff structures and marketing actions that are used by the Policy-Administration entity is known as:
-
Product Workbench
-
Product Factory
-
TCS BaNCS
-
Policy
Product Factory is the correct term for a repository that stores and manages approved business rules, product configurations, tariff structures, and marketing actions. It serves as a centralized configuration management system that the Policy-Administration entity references to process insurance policies according to predefined rules and validations.
In insurance/policy-administration systems (e.g., TCS BaNCS for Insurance and similar suites), the 'Product Factory' is the central repository where approved product rules, configurations, tariff/rating structures, and marketing actions are defined and maintained; the Policy-Administration module then consumes these approved definitions at runtime to issue and service policies, ensuring consistency and governance over what products can be sold. 'Product Workbench' is more the authoring/design environment rather than the repository itself. 'TCS BaNCS' is the overall banking/insurance platform name, not this specific repository. 'Policy' refers to an individual contract/record, not a rules repository. Product Factory is the term specifically associated with this centralized, approved-rules repository role.