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Rating and Pricing Engine

Xceedance created a scalable rating and pricing engine to automate quote generation and renewal processes and enhance operational productivity.

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An Australian insurer wanted to build a rating and pricing engine that would leverage algorithms for rating home, motor and landlord coverages and generate real-time quotations. The engine would require integration with third-party applications for quote generation. Additionally, the engine needed to accommodate bind policies, referrals, process cancellation requests, and manage annual, instalment, and renewal of policies. The client’s desired solution would require a referral management application (RMA) which included referral requests. Additionally, the RMA would need a dedicated dashboard enabling, among other things, broker management, policy/ quote management, documentation, embargo postcodes, and user management. The RMA would need to possess the capability to access and block the payment portal, view payment and installment status, and send email notifications. 

The Xceedance team developed the rating and pricing engine on the .NET framework and a Windows-based RMA application. Additionally, the team used Bugzilla to manage development loopholes and the Visual Studio Team System to compile user stories. The solution set as implemented by Xceedance enabled payment and reconciliation directly to the insurer’s account and greater control over workflow and business rules management. Furthermore, the broker portal was amenable to changes without interrupting the business. The project was executed within a short period and was scalable to other product lines.

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