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IBSuite Rating Engine

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Overview

IBSuite is a no-code/low-code, API-First, cloud-native platform, with extensive configurable features.

The IBSuite Rating Engine is a best of breed, high-performing and flexible hybrid rating engine. It can be implemented as part of a complete end-to-end IBSuite installation or easily integrated into the insurers' existing architecture thanks to its powerful integration layer and API First Design.

IBSuite Rating Engine 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 and complex function calculations 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.

With IBSuite, you get a future-proof always-on / always available platform, that enables digitalization, new business models and emerging technologies.

Key Features

  • 100% configurable rating engine, can be managed without IT intervention and does not require an IT deployment to implement
  • Supports the configuration of any risk-based product, for personal and commercial lines
  • Configurable price calculation and its structure, derived attributes, computations and advanced algebra
  • Fully accessible through the APIs and the product's own user-interface, can easily integrate external sources (risk scores, AI / ML models, etc.)
  • Tariffs are independent of products, allowing their use and reuse across all products within an organization’s portfolio
  • Rates, tariffs and rules are organized within a hierarchical or tree structure and are versioned, supporting the entire lifecycle of a policy and fully auditable, meaning that the full history and the full audit trail is always available.
  • Configuration of validation checks, severity of these checks and end-user communication

Key Benefits

  • Proven, cloud-native and API first solution that is easy to integrate to and from
  • Supports all risk based products, and any pricing calculation algorithm
  • Quick and easy to configure, gives a very fast speed to value
  • Increased operational efficiencies and self-sufficiency, rate changes and new products can be configured by your team in a fraction of the time
  • Highly available, automatic scalability, load balancing and failover.
  • Predictable and transparent Total Cost of Ownership (TCO) in a true SaaS platform
  • Orchestrate your pricing ecosystem, easily integrating external risk, AI and ML models and any external data source
  • Fully monitored and supported 24*7, with key focus on the security of the platform form infrastructure up to UI and API access layers.

Product/Service details

SOLUTION OR SERVICE TYPE