Insurance industry is changing at a fast pace thanks to all innovations in information technology. Today most of insurance companies are working with robust IT network that provides real-time results including insurance quotations and other calculations.
This can encourage the purchase in real-time at a sales point as well as through Internet. Today more and more customers are shopping around the Internet to get the best rate for their insurance policies. As a multiple insurance provider, the more products you offer on your platform, the higher chances are there for better ROI. And this is where the rating engine software works as a key to gain and maintain the best price and competitive advantage. It also comes with easy to integrate technology that you can enable with your website or any other online platforms.
For most of the insurance market, rating engines provides basic formalities by calculating risk variables to determine the premium amount an insurer should charge for covering a property risk. With predetermined quotas of inputs for particular product, the rating software applies an algorithm supported by rate tables and determines the risk and rating factors to be applied. Frequently included as a part of the insurance policy administrative system, the rating engine software generates and automates the amount of risk that usually lies with insurer’s state filings. Consistence and competitive pricing is the strength of the rating engine system. However this system is only a subset of the product definition with underwriting qualifications and insurance coverage. Such system can work well in conjunction with product configurations that is supported with best and bespoke product architecture.
Rating engine systems provided by the Riskfree UK are mainly of three kinds that are explained in details. Product one is the next generation Excel rating system. It allows the individual and organisations to use the functionality of the Microsoft Excel to build their own rates. Once done with the setups, clients can upload this rating table and rates can be made live instantly. Second product for rating system is the web service rating engine. It allows individual and clients to use the same rating engine to show for online quotations, back office systems and price comparison websites. It gives the better coverage for the product and the organisations and gives the competitive advantage too. Third product by the Riskfree UK is the traditional form and table based rating system. It is especially made for the one who doesn’t understand Microsoft Excel and web applications. They can select and change the product using the traditional way of form and table. However, depending on the requirements, clients can use the mix of the above product to get the best match of their requirements.
Such rating technology developed by Riskfree can be used by any organisations looking to get complex calculations based on different rates for different products. Some of the top organisations and individual users who can use this technology are risk insurers, banks, mortgage lenders, government agencies, facility management companies, investment banks, bridging lenders and online quotation providers.
In addition of making your organisations and workforce more competitive, the rating engine
software and link streamlines the sales quotation system. Never before has supporting online and offline calculation system been easier and efficient than Riskfree’s rating engine system.
This can encourage the purchase in real-time at a sales point as well as through Internet. Today more and more customers are shopping around the Internet to get the best rate for their insurance policies. As a multiple insurance provider, the more products you offer on your platform, the higher chances are there for better ROI. And this is where the rating engine software works as a key to gain and maintain the best price and competitive advantage. It also comes with easy to integrate technology that you can enable with your website or any other online platforms.
For most of the insurance market, rating engines provides basic formalities by calculating risk variables to determine the premium amount an insurer should charge for covering a property risk. With predetermined quotas of inputs for particular product, the rating software applies an algorithm supported by rate tables and determines the risk and rating factors to be applied. Frequently included as a part of the insurance policy administrative system, the rating engine software generates and automates the amount of risk that usually lies with insurer’s state filings. Consistence and competitive pricing is the strength of the rating engine system. However this system is only a subset of the product definition with underwriting qualifications and insurance coverage. Such system can work well in conjunction with product configurations that is supported with best and bespoke product architecture.
Rating engine systems provided by the Riskfree UK are mainly of three kinds that are explained in details. Product one is the next generation Excel rating system. It allows the individual and organisations to use the functionality of the Microsoft Excel to build their own rates. Once done with the setups, clients can upload this rating table and rates can be made live instantly. Second product for rating system is the web service rating engine. It allows individual and clients to use the same rating engine to show for online quotations, back office systems and price comparison websites. It gives the better coverage for the product and the organisations and gives the competitive advantage too. Third product by the Riskfree UK is the traditional form and table based rating system. It is especially made for the one who doesn’t understand Microsoft Excel and web applications. They can select and change the product using the traditional way of form and table. However, depending on the requirements, clients can use the mix of the above product to get the best match of their requirements.
Such rating technology developed by Riskfree can be used by any organisations looking to get complex calculations based on different rates for different products. Some of the top organisations and individual users who can use this technology are risk insurers, banks, mortgage lenders, government agencies, facility management companies, investment banks, bridging lenders and online quotation providers.
In addition of making your organisations and workforce more competitive, the rating engine
software and link streamlines the sales quotation system. Never before has supporting online and offline calculation system been easier and efficient than Riskfree’s rating engine system.