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Independent Rating Engine for Personal and Commercial Lines for Regional Farm-focused Carrier
ValueMomentum assists this P&C carrier in rating automation, rate logic maintenance and improving speed to market.
Industry
Insurance
Client
Farm focused Regional Carrier
Needs addressed
Rating & Dynamic Pricing
The Client is an alliance of three regional insurance companies providing property and casualty insurance for homes, autos, businesses and farms. They sought to achieve the following objectives for their rating operations:
- Externalize rating logic from legacy policy administration systems
- Provide business users a rich tool to manage rating logic
Technology Solution delivered
iFoundry Rating
- Provided a Workbench for business users to manage rating logic
- Business Users could define, modify and test complex rating definitions and logic (including rating hierarchies, algorithms, flows, rules and rate plans) without having to go through time consuming software development processes
- Template driven GUI environments helped in ensuring error free authoring of Rates and Rating logic
- Supported team based workspaces with role based access; for example, a Line of Business specific rate change request could be managed as a standalone project with its own workspace and access only for its team members to collaborate with one another
- Provided a Repository to serve as a central coordinating point for all changes to rating logic and data sets
- Managed multiple versions of Algorithms, Flows, Rate Tables; based on effective dates for multiple States and Writing Companies
- Supported the ability to create future dated rating logic and data sets
- Automatic transaction-time enforcement of the most appropriate version of Rating Logic and Rate Tables based on effective date, State, and Writing Company
- Provided a high-performance Rate Calculation Engine for
- Automating rating of Multiple Products – Homeowners, Business Owners, Farm Owners and Commercial Property
- Automated rating seamlessly accessed via standardized web-services (based on ACORD XML) from web-based policy administration systems
Execution model
T&M
Technologies used
iFoundry
Benefits delivered
- Speed to market - Quick turnaround time for implementing rating for new states
- Reduced timelines in introducing changes to rating logic and rate data sets
- Established strong governance controls around rate change processes
- Eased maintenance of complex rating logic and its versioning
- Supported client implementation specific rating functions, in configuration mode, without any coding. Thereby reducing maintenance costs
