Product modifications take an average of three months to reach market; new product releases require seven months. Insurers of all sizes are working to compress these timelines and gain agility in defining, configuring, implementing, and maintaining products.
Rating engines play a critical role in helping insurers deliver new products and enhancements to market. Product owners need to make timely decisions on products, rates, rules, and filings, while IT teams must provide agile frameworks for configuring, testing, and deploying product enhancements across channels. The most direct path to faster time to market is enabling product owners to apply rate and algorithm modifications without IT involvement.
Any insurer can grow by cutting rates; achieving profitable growth is far harder. Assessing product profitability and evaluating options for improving competitiveness adds significant time to the rate-making process. Rate structures vary by insurance product, and underlying rating algorithms grow more complex as modifications accumulate. Competitor insights and regulatory requirements vary by state and shape the options available for achieving profitable growth. Solutions that let product owners run what-if scenarios across a book of business are now a competitive necessity.
This report surveys the solution provider marketplace for P&C rating systems. It helps insurers short-list providers based on vendor market position and offering details. It contains profiles of 11 vendor solutions, summarizing vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation approaches, and key functionality.
Clients of Datos Insights’ Property & Casualty service can download this report.
This report mentions Akur8, CGI, Coherent, Duck Creek Technologies, Earnix, hyperexponential, Insillion, Jarus Technologies, Majesco, Solartis, and Zywave.
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