Pricing must combine structure and flexibility. There should be a consistent approach to a class of business, but with enough freedom to cover special cases. Rates will change over time so previous quotes should be held for reference, reporting and renewals.
Previous years’ risks and quotes can be renewed even if the rating or calculation formulae have changed.
Almost 100 pre-existing rating model spreadsheets have been parsed and converted to the new platform, including historical quote data.
A fully reportable archive of historical quotes is maintained for reference and regulatory purposes.
Aegis can be confident that all risks are priced consistently. Where there is variation, that is recorded so that individual decisions can be fairly reviewed.
“Whitespace have delivered a series of successful projects to AEGIS London over a number of years. We have found them to be both professional and flexible in meeting our business requirements. They have taken time to understand our needs, proposed creative solutions, and done what they said they would do, leading to a mutually beneficial partnership.”
Anant Patel – Head of IT, Aegis London
First a highly flexible data-driven pricing engine was designed, with full design, formula and rating versioning. This was tested and proved for the first pricing model.
Then a conversion tool was built which read the dozens of existing spreadsheets and quote data archives and understood their structure. This conversion tool then automated the process of creating the models in the new Aegis Pricing Tool (APT) system and converted the historical quote data.
APT is a browser-based system, with a SQL Server database. The structure and rating of pricing models are captured in versioned lookup tables.