Pricing Engine

NSURE Pricing Engine solution is an insurance detariff solution 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 insurance pricing engine 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 
• The insurance pricing software 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.