Insurance Rating Engine

Insurance Rating Engine

Centralized Insurance Rating Engine with Robust Rating Capabilities for P&C, Life and Health

iNube’s API based stand-alone insurance rating engine is a powerful calculation engine that serves as a single versatile platform and empowers insurance companies with the ability to centralize rating and premium calculations

Overview

iNube’s API based insurance rating engine is a powerful calculation engine with robust rating capabilities that serves as a single versatile platform to –
1. Easily configure insurance premium rating rules including tax computation rules and steps for premium calculation for various insurance products and riders
2. Expose centralized APIs for consumption by other systems to calculate the premium for both simple and complex insurance products
3. Instantly calculate and generate life insurance benefit illustration for any combination of policies, benefits, premiums, durations etc.

The feature-rich rating engine has a user-friendly interface designed for business users and supports all lines of insurance including P&C, Life and Health. With a flexible and scalable cloud-ready architecture, it enables insurance companies to quickly respond to market changes by configuring new rates and launching competitive new products in the fastest possible time.

Use Cases

Calculation of premium for simple chart or table-driven retail insurance products

Calculation of premium for complex and multi-step commercial insurance products

Calculation of premium for both simple and complex life insurance products/riders

Application of scenario-based discounts or loading for premium calculation

Calculation of applicable taxes

Calculation of benefits and generation of benefit illustration for life insurance products

Features

Code-free Platform with Intuitive UI

Out-of-the-box APIs for Integration

Quick Implementation and Go-Live

Cloud-Ready

Supports all Lines of Businesses – P&C, Life and Health

Value Proposition

  • Centralized Rating System

    Ensure data integrity with the ability to centralize rating and premium calculations

  • Quickly Design Complex Rating Products

    Business users can easily create, test and deploy the pricing rates, drivers and rules for insurance products without any programming expertise

  • Rapid Go-to-Market

    Sophisticated rating and codeless configuration capabilities helps to accelerate the introduction of new products with faster go-to-market

  • Reduce Risks

    Quickly react to changing business environment and mitigate risks associated with outdated product rates

  • Reduce Operational Costs

    A single insurance rating engine enhances business agility and drives down product development and resource costs with minimal IT oversight

Interested to know more about the insurance rating engine?

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