NSURE Pricing Engine solution is aimed to create and optimize dynamic pricing strategies in real time to out-price the competition for all motor and non-motor products.
It empowers business users to define, deploy, approve, monitor and maintain the business rules on critical pricing models & manage by exception, practically bringing the risk of a human error to zero. The solution enables insurers to strategically price the products and help them regain control, save time and drive profitable business growth.
Features
- NSURE pricing engine solution serves as a one-stop-shop for premium computation
- NSURE Pricing Engine solution facilitates, processing of pricing, right from origination to delivery with pricing-centric workflows such as Maker-Checker, Approval/ Rejection, and others.
- The pricing engine ensures the resting control on the computation mechanisms with the Business Users, driven by the dynamic needs of underwriting guidelines and rules, from the de-tariff market
- An inbuilt ability to verify the change performed by the logic or factors
- NSURE Pricing Engine solution possesses frameworks to build different “risk-based” pricing models as per the needs of the lines of businesses (LOBs)
- Seamless integration with any third party system
- NSURE Pricing Engine solution provides the underwriters/business users;
- A tool that enables them to control and define the rules to be followed for each of the classes or portfolios under a specific LOB
- An interface that enables them to make necessary changes that require an immediate impact in the live BAU environment
- An inbuilt ability to quickly test the change performed on the logic or facts
Benefits
- Configurable rating engine
- Flexible product configurator
- The risk is priced based on parameters/factors
- Designing of pricing model for new products becomes easier with pricing engine
- Single source for premium calculation
- Formula-based (Mathematical) configuration
- NSURE Pricing Engine can be enhanced by a modular concept for other product offerings even in life and health insurance segments
- Business logic can be shared across applications, thereby promoting consistent behavior throughout the enterprise
