Overview
Jarus Rating Engine is a calculation engine that evaluates the risks and computes premiums based on the rates and the rating logic that apply for each risk.
It is a flexible, scalable, configurable system that lets insurers introduce new products quickly and manage them effortlessly. It enables straight thru processing (STP) that automates workflows, reduces process latency and operational costs. This is a no code platform that allows business analysts and subject matter experts (SME) to create and manage products, coverages, business rules, rates, and rating logic.
It can be used as a stand alone rating engine or as a part of the Jarus Policy Admin System.
Key Features
Externalize rating logic: Maintain rates and rating logic using the Product Configurator. Version and audit with change management.
Extend Usability: This product is easily extensible by mixing and matching custom code, such as an insurer’s unique way of making driver assignments.
Rate testing: Perform rate testing and histogram comparisons to easily understand and view the effect of rate changes.
Tailor Rate TABLEs: Create custom rate tables using the web UI and specify columns, order and data type. Lookup rates using an exact match or get interpolated rates. Specify rates for each additional amounts.
Rate computation: Compute premiums at coverage, risk item and product/policy level.
Rate logs: Compute premiums at coverage, risk item and product/policy level. Analyze the steps and results in detail, using rate logs.
Rate Testing and Histograms
Change Management: Maintain rates, rating logic and different business rules using the Product Configurator. Clone, version and audit with change management.
Monoline and multi-line: Support rules and rating for monoline and multi-line package policies seamlessly.
Enhanced Management: Import/Export rules and rate data using Excel to add new or edit existing ones effortlessly.
Easily set exceptions: Easily incorporate state, company, LOB and coverage exceptions through the web-based user interface.
No-code, low code: Make majority of changes to rating steps, rate data and business rules with no minimal coding.
Simple Syntax: Use Excel like syntax - for example “Min”, “Max” for rating, and “Refer”, “Reject” for rules.
Jarus Product Configurator
Flexible and agile system with a web based Product Configurator that allows product teams to manage product definitions, rates, rating logic and business rules. This low/no code approach improves time-to-market new products, add new states, implement new rates and stay compliant with regulatory changes.
Key Benefits
Customizable
Mix and match rules and rating components with other best-of-breed solutions. Replace only what you must.
Multi-User Friendly
With a very minimal learning curve business users and analysts can define workflow, products definitions, rating logic and rules.
High Visibility
Web-based UI externalizes rating logic, business rules and configurations.
Speed-to-market
Shrink time-to-market to implement rating for new states and products. Quickly introduce rate, rule and form changes.
Ease of Use
Separates ‘what’ and ‘when’ from ‘how’ without any special syntax, resulting in simplicity and readability.
Boosts Performance
Obtain sub second performance. Fast enough to rate and present quote options to upsell.
Configurable
Flexible and agile system with a web based Product Configurator that allows product teams to manage product definitions, rates, rating logic and business rules. This low/no code approach improves time-to-market new products, add new states, implement new rates and stay compliant with regulatory changes.