Rate engine development is in an evolutionary change as carriers move to digitize their internal processes. In a digitized application, rates are systematically generated. RATECentric offers carriers the expertise to assist internal teams to move paper based rates to electronic tables or offsite rate generators via Application Program Interfacing (API). RATECentric works side-by-side with carriers and actuarial firms to design, configure, and test to streamline rating systems.
By digitizing carrier rates, regulatory compliance is easily attained. In addition, it ensures a complete audit trail and allows for detailed reporting of enterprise-wide rates. We effectively test and debug any rating changes and roll out rate updates efficiently.
Our team of analysts help develop the complex algorithms that derive the advanced logic behind rating calculations. We assist clients in developing the programmatic logic that applies a systematic approach to any rate calculation. Because the rates are programmatically developed, or table-based derived, it ensures scalability regardless of the number of rating classes or group size.
By utilizing multiple environments, RATECentric allows carriers to develop and test rate changes and accurately project how the changes will impact sales and profitability. Integration of tested changes are moved into production seamlessly.
RATECentric allows role-based security for all aspects of rate development, testing, and acceptance.
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