Rating and Pricing EngineAn 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 TOOLBOXWe created a development schedule in three phases:
SUCCESS METRICSFor 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
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