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Rating and Pricing Engine


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Rating and Pricing Engine

An Australian insurer asked Xceedance to develop a rating and pricing engine to generate near real-time quotations, supplemented by rating algorithms for home, landlord, and motor coverages. The engine would integrate with third-party applications for quote generation. It would also accommodate referrals, bind policies, process cancellation requests, and manage annual, installment, and renewal policies.

In the absence of an underwriting system, a referral-management application (RMA) was required to include referral requests from the engine and a dashboard for annual, installment and renewal policies, broker management, quote/policy comparisons, documents, user management, and embargo postcodes. It also required the ability to block and access to the payment portal, view installment details and payment status, and send email alerts.

THE TOOLBOX

We created a development schedule in three phases:

We built the engine on the .NET framework and SQL Server with a Windows-based RMA application. We used the Visual Studio Team System (VSTS) to write user stories and Bugzilla for managing development defects.

SUCCESS METRICS

For the insurer to meaningfully assess the outcomes of the project, we applied these evaluative indicators to the project:

Scalability to other personal lines products with minimal effort and configuration


Payment processing and reconciliation directly to the insurer’s account


Adapting changes to the broker portal without interrupting business


Parallel development of installment-billing and renewal modules

Merging of code and conduct related regression testing for installment and renewal streams


Management of change requests for workflows, business rules, the RMA, and the installment payment web page

Project completion in a short timeframe

Mission Accomplished.


CONTACT US TODAY

Please CONTACT US today to learn more about the ways in which we can help you achieve your success metrics.

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