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Central Rate-Quote Engine across Multiple Product Lines
ValueMomentum assisted this carrier in establishing real time rate-quote capabilities and providing repository to serve as a central co-ordination point for all changes to rate logic and eligibility.

Industry
Insurance

Client
Farm Bureau Federation Carrier

Needs addressed
Rating & Dynamic Pricing

The Client is a farm bureau carrier with multiple personal, farm and commercial product lines. They sought to achieve the following objectives:

• Externalize rate-quote capabilities from legacy policy administration systems
• Provide business with rich tools to manage rate-quote logic

Technology Solution delivered
iFoundry Rating

• Established real-time rate-quote capabilities for Homeowners and Auto
  • Agents could create rate-quote applications in real-time, be guided in their data entry through edits and intelligent data capture prompts
  • Information reports from 3rd party data sources like e2v could be pulled into the application process and
  • Guidance on rate-quotes, eligibility, reason codes for declines, etc was provided in real time
• Provided a Workbench for business users to manage rating and eligibility logic
  • Business Analysts could define, modify and test complex rating and eligibility definitions and logic (including rating hierarchies, algorithms, flows, rules and rate plans) without having to go through time consuming software specifications processes
  • Provided template driven GUI environments, to ensure error free authoring
  • Supported team based workspaces with role based access; for example, a state specific rate change request could be managed as a standalone project with its own workspace 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 eligibility
  • Managed multiple versions of Algorithms, Flows, Rate Tables, Rules; based on effective dates, state, channel, company, affinity partner
  • Supported the ability to create future dated rating logic, eligibility rules

Execution model
T&M

Technologies used
iFoundry

Benefits delivered

• Reduced timelines and delays in introducing changes to rating logic and eligibility
• Established strong governance controls around rating and eligibility change processes
• Eased maintenance of complex rating logic and its versioning
• Supported client implementation specific rating and eligibility templates, in configuration mode, without any coding. Thereby reducing maintenance costs

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