Rating/Pricing

Introduction to Rating

Rates are used extensively in Insureflow and serve several purposes. At the highest level the ‘rates’ represent the premium values that are calculated and presented to users via the user interface. Used for:

• Premium calculation:

  • New business

  • Renewals

  • Mid term adjustments (MTA)

  • Cancellations

• Presenting premium data back to the user Interface (UI)

• Presenting premium related data back to questions in the UI

• Preparing calculated values for use in credit control

• Appropriately structuring risk data for insurance regulatory report

Insureflow can be used by clients to calculate the insurance premium that will be charged to an Insured based upon the attributes of the policy. As well as calculating premium, Insureflow allows users to modify the calculated premium by ‘overriding’ the calculated premium values. Additionally Insureflow can be configured to allow users to type in the desired premium with no premium calculation. This is to referred to as either "manual" or "automated" pricing:

Manual pricing consists of the ability for authorised users to manually populate pricing tables on screen (usually per section).

Automated pricing is configured into the platform and allows risks to automatically calculate insurance premiums based on data held within the risk.

Automated pricing is created through:

• Standardised system functions

• Configuring product-specific rating logic (JavaScript)

• Creating a product config entry in a database table

• Umbraco configuration of:

  • Product sections

  • Tax rates

  • Applicable product binders

Rating Components

The rating system is split across several different configuration areas, you can find out more information about these in the detailed product configuration guide:

• MongoDB - "NEWRATES_Product_Config" - Each entry is tied directly to a product code, and creates the link between UI and Mongo Scripts

• Mongo Scripts - "NEWRATES_" functions - Most of these functions are standardised and should not be edited

• Mongo Scripts - "NEWRATES_Calculate_TechnicalPremium_PRODUCTCODE" - This is the script that contains most (if not all) of the product-specific calculations, and is what returns the technical premiums that the rest of the core rate scripts require

• Mongo Scripts - Custom newrate scripts - There are specific points through the newrate flow where you can "inject" a script and modify data. Most of the time this won't be required. An example use case may be that you want to populate a question in the UI with tax after the summary object has been created (at the end of rate calculations)

• MongoDB - Product-specific databases (optional) - Sometimes it is useful to store variables in a database outside of the calculation scripts, this makes it easier for the config team to change values without having to mess with code. Example: the premium multiplier for claims could be 1.2 one year, and 1.25 the next

• Umbraco - Premium Table - Displays the data created by the rate calculations according to how you have configured it

If you are configuring manual rating, the process is a lot simpler and quicker.

Premium Tables

Premiums can be presented to users in several ways on Insureflow. You can find a list of these in Premium Table Setup.

The final rate object data structure is always created in the same structure, what differs is the way data is utilised and displayed, it is important that you select the correct table for your use case. You can find more information here Premium Table Setup.

Flows

The flow of all newrates scripts can be found here: NEWRATES Flows

More Information:

You can find more information on how to configure rating here: Rating Setup