The Great Rating Challenge

Managing quick and complex rate changes?

In order to stay ahead of the competition and within FSA regulations, a transparent and flexible rating engine is essential.

• Split premiums between any number of insurers

• Backdate MTAs, subject to your business rules, to avoid them appearing in the wrong bordereaux.

• Control how new rates cut in for new business renewals and MTAs, for example, keeping MTAs on old rates until renewal.

• Apply all types of discounts or loadings, including multi-section, broker markup or online sales channels.

• Configure funding of discounts, whether funded by broker, insurer or a combination.

• Support IPT exempt fees and auto index-linking.

• Deal effectively with instances where the insurer fixes the gross premium, the broker keeps the profit and the business rules split the premium into the correct elements.

• Back calculate component elements (IPT, Commissions etc) where you are price-matching competitor products.

• Make multi-layer broker relationships (affinity groups, broker networks, dealerships, head/sub offices and regional agreements) transparent.

• Implement no claims discounts or bonuses, including automatic recalculation at renewal to check claim history.