IBSuite Rating Engine
The IBSuite Rating Engine is a best of breed, high-performing and flexible hybrid rating engine. It features the unique combination between the fast and simple definition of table-based rating structures combined with the rule-based approach and the possibility to execute algebra directly in the engine. Further to this it has a callout interface that allows for integrating to external services for further calculations or doing advanced data lookups or even integrating to external rating engines.
The “Click 2 Configure” framework in IBSuite allows business users to configure rules and calculations without any IT assistance.
The IBSuite Rating engine is well integrated with the IBSuite Product Engine. Further from calculating the detailed premiums for individual objects and covers, handling taxes + fees and specific billing rules associated, it also allows for callouts to external systems (i.e. Machine Learning Engines) to supplement the calculation. Further, the model is fully documented and auditable meaning that the full history and the full audit trail is always available – rates and tariffs (and rules) are versioned and supports the entire lifecycle of a policy.
The IBSuite Calculation Engine is a fully configurable product element that allows to do the following and more:
- configuration of validation checks, severity of these checks and end-user communication
- automatic calculation of derived attributes
- configurable price calculation and its structure
- configurable computations and advanced algebra
- internal- and external API Calls
Tariffs are entities independent of products, allowing their use and reuse across all products within an organization’s portfolio. Tariffs are organized within a hierarchical or tree structure, so when rating is required to reach a result, the IBSuite Rating Engine starts at the top and works its way through each tier until a result is calculated or reached.
- Proven cloud-native solution
- Easy integration to other platforms
- Quick Product Configuration