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Advanced rating engine technology for insurers
Over the last two decades, the insurance industry has undergone technological change in many areas. Today, economic growth continues to be slow, consumer confidence is low and there is continued uncertainty around the political climate. This provides or even necessitates at times, both threats to existing markets and the opportunity to diversify into new markets or new solutions. There is ongoing pressure to lower operating costs, reduce waste, as well as meeting new levels of regulatory compliance.
This amount of change brings insurers a significant level of risk, as they work to remain profitable and hedge their business on the accuracy and accessibility of the data that their IT systems provide. The insurance market has moved significantly to the web; this has made the market even more competitive. Embracing technical change is now fundamental to sustaining a competitive edge.
Risk Free has been working closely with the insurance sector for over 15 years; we pride ourselves in providing individualised solutions for small to medium sized insurance companies. We understand that many insurers want any new software they purchase to integrate with their operational systems. They also want to access and analyse data at the click of a button to inform decision-making. They want to track and monitor activities across individual lines of business or groups of business entities.
Having the right rating engine technology is arguably the most critical decision undertaken by any insurer, since it can have the most visible effects. Rating impacts revenue, is fundamental to new product offerings and is the cornerstone of insurer’s competitive differentiation. The most realised benefit of having advance rating engines is the ability to assign customers to very defined tiers; this allows insurers not only to accept more risk, but they can price that risk accordingly.
Our advanced rating engine technology has already made a considerable difference to many of our clients. Our rating engines are all designed to automate advanced and rating calculations; offering instant rating calculations from insurance quotes and data analysis. They can be used by insurers needing to easily and quickly perform complex calculations based on different rates. This allows insurers to use the same rating engine for online quotes, back office systems and price comparison websites, dramatically reducing operational costs and improving accuracy.
Our rating engine technology has been used to create the following services for our clients:
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Advanced rating engine technology for insurers
Over the last two decades, the insurance industry has undergone technological change in many areas. Today, economic growth continues to be slow, consumer confidence is low and there is continued uncertainty around the political climate. This provides or even necessitates at times, both threats to existing markets and the opportunity to diversify into new markets or new solutions. There is ongoing pressure to lower operating costs, reduce waste, as well as meeting new levels of regulatory compliance.
This amount of change brings insurers a significant level of risk, as they work to remain profitable and hedge their business on the accuracy and accessibility of the data that their IT systems provide. The insurance market has moved significantly to the web; this has made the market even more competitive. Embracing technical change is now fundamental to sustaining a competitive edge.
Risk Free has been working closely with the insurance sector for over 15 years; we pride ourselves in providing individualised solutions for small to medium sized insurance companies. We understand that many insurers want any new software they purchase to integrate with their operational systems. They also want to access and analyse data at the click of a button to inform decision-making. They want to track and monitor activities across individual lines of business or groups of business entities.
Having the right rating engine technology is arguably the most critical decision undertaken by any insurer, since it can have the most visible effects. Rating impacts revenue, is fundamental to new product offerings and is the cornerstone of insurer’s competitive differentiation. The most realised benefit of having advance rating engines is the ability to assign customers to very defined tiers; this allows insurers not only to accept more risk, but they can price that risk accordingly.
Our advanced rating engine technology has already made a considerable difference to many of our clients. Our rating engines are all designed to automate advanced and rating calculations; offering instant rating calculations from insurance quotes and data analysis. They can be used by insurers needing to easily and quickly perform complex calculations based on different rates. This allows insurers to use the same rating engine for online quotes, back office systems and price comparison websites, dramatically reducing operational costs and improving accuracy.
Our rating engine technology has been used to create the following services for our clients:
- Risk Insurance calculators from Motor to Pet policies
- Online quote calculators
- Back office premium calculators
- Renewal premium calculators
- Price comparison calculators
- Web services calculators
- Excel rating engine calculators
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