Rating Service

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Overview

OWIT Global (OWIT) is a company that focuses on providing discrete and specialized cloud based microservices to the Insurance Industry. Our mission is to provide solutions that integrate our microservices with existing customer environments in-order to maximize their investments and desired results. OWIT has developed a library of microservices, which are combined in different configurations, to create targeted solutions.

OWIT’s Rating Service is a cloud based, standalone microservice supporting all lines of P&C and A&H lines of business. The Rating service can be deployed as a completely stand-alone system, with or without direct integration to enterprise systems, or as an integrated component of an existing policy administration environment.

Key Features

  • The OWIT Rating Service is comprised of two components:
    • The Rating Engine Editor
      • Designed for a business user/ administrator to define and maintain rate plans/algorithms
      • Utilises intuitive drag and drop features to build rating algorithms
      • Web-based application
    • The Rating Engine Web Service
      • a REST based micro-service that processes rate plans and returns an XML file with premium values inserted.

The OWIT Rating microservice application consists of toolbars that contains buttons to open, save, test and manipulate rate plans. A series of graphical icons are used to construct any number of rate plans for any P&C and A&H lines of business. Data enrichment is achieved through third party integrations, where data can easily be made available for consumption within the rating algorithm.

The Rating Canvas represents a "blank canvas" where icons are dragged and connected to build a rate plan.

Key Benefits

  • Cloud based microservice deployment means efficient cost structure, and unbeatable ROI;
  • Centralised Rating Service allows for one repository for all rates plans - which can support any number of disparate systems/distribution eco systems;
  • Performant
  • Enables unprecendented rating creativity and innovation