Central Rate-Quote Engine across Multiple Product Lines

Results
  • Eased maintenance of rating logic and versions, reduced time to market with changes.
  • Enabled client with rating & eligibility templates, in configuration mode without any coding.
  • Established strong governance controls around rating and eligibility change processes.

Business Situation

Our Client is a farm bureau carrier with multiple personal, farm and commercial product lines.

They sought to externalize rate-quote capabilities from legacy policy administration systems to enable agents with capabilities for ease-of-business.

However, the Client was facing high costs associated with rolling out rate-quote capabilities to their agents at the point of sale on account of the limitations of their legacy systems.

Challenge

The client sought a solution that:

  • Leveraged their existing investments in the Point of sale and administration systems. This required creating service-enabled integrations that could address multiple product lines.
  • The client also sought to provide business with rich tools to manage rate-quote logic to reduce dependence and redundancy in rolling out rate plans and eligibility logic to their field agents.

Solution

ValueMomentum implemented iFoundry Rating Engine and Product Configurator, and integrated them with their Point of Sale and Administration systems. The Solution:

  • Established real-time rate-quote capabilities for Homeowners and Auto.
  • Provided a Repository to serve as a central coordinating point for all changes to rating logic and eligibility.
  • Provided a Workbench for business users to manage rating and eligibility logic.