Independent Rating Engine for Regional Farm-focused Carrier’s Personal & Commercial Lines

Results
  • Improved speed to market for implementing rating for new states and for introducing changes.
  • Improved controls by establishing strong governance around rate change processes.
  • Reduced maintenance costs with configuration-driven tools for managing rates and versions.

Business Situation

The Client, an alliance of three regional insurance companies, provides Insurance for homes, auto, businesses and farms.

The Carrier’s Business Leaders’ had a vision of combining their rural American culture with advanced technology to provide excellent products and services to their policyholders and independent agents.

To align with this vision, the CIO embarked on an end-to-end system replacement program taking a best-of-breed approach. SOA served as a foundation to enable them to implement new solutions.

Challenge

This Carrier was facing high costs associated with maintaining multiple systems; too often the company was rebuilding functionality it already had created.

Instead of having rating logic embedded in their legacy system—which was slated for replacement, a policy administration system for BOP and a home-grown policy admin system, the Carrier sought to:

  • Externalize rating logic from various policy administration systems.
  • Provide users with a powerful workbench to configure rating logic rather than use IT programming.

Solution

ValueMomentum implemented iFoundry Rating Engine, aligning with their SOA strategy. The Solution:

  • Provided a workbench with a template-driven GUI environment for users to define, modify & test rate logic, with team based workspaces and role based access.
  • Provided a repository to serve as a central point for all changes to rating logic and data sets.
  • Provided a high-performance Rating Engine for automated rating of multiple LOBs using ACORD standardsbased web-services.