ClarionDoor has released Insured Rating, a software-as-a-service (SaaS) rating engine and product-modeling solution.
Available to insurance carriers, MGAs and insurance technology vendors, the service supports rating for all lines of business through an online, standalone rating engine and API-ready Web service. Insured Rating provides a cloud-based, collaborative work environment in which business users manage rate filings, build and release rate plans, execute premium test suites, generate predictive rate analytics and automate deployments.
For many, a considerable amount of ownership cost is spent by IT and business staff manually refactoring rating data or writing complex code in order to support multiple lines of businesses and programs.
Insured Rating provides a solution that utilizes smart "process wizards" to configure rating plans initially modeled in spreadsheets. Insured Rating has been used to implement rate plans for personal, commercial, specialty, and other niche lines of business.
Once a rating plan is modeled in Insured Rating changes can be made rapidly by utilizing included testing, analytics and release features.
Through its scalable architecture and optimized web service endpoints, Insured Rating is capable of quoting millions of ACORD XML quote transactions per hour. End users can take advantage of the performance capabilities using Insured Rating's predictive rate modeling test suites, which can model rate changes against their existing book of business to determine premium impact against targeted customer segments before they are released.
"Insurers seeking lower total cost of ownership and improved speed to market are challenged with the costs in maintaining their rates and rules for insurance products, and in many cases constrained by the configuration tools of their existing systems," says Rob Motaghedi, director of business for ClarionDoor. "There is also an increasing demand for pre-release testing tools and analytics capabilities. Our original goals for Insured Rating have been to lower the operational costs for insurers and enhance their capabilities in adapting to change and new markets. Using Insured Rating we've been able to develop complex lines of business and give business users control of managing rating safely and quickly."
Insured Rating can be integrated into a carrier's front-end solution using ACORD's web service standards (AWSP) or carriers can work with the ClarionDoor professional services team to complete the integration. The service can be utilized with any system capable of sending and receiving XML. Insured Rating is fully hosted, requires no software downloads or special installation process, simplifying adaption to configuration of rate plans and the initial web service integration.
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