NSURE Detariff / Pricing Engine

NSURE Detariff / Pricing Engine Solution Suite

NSURE detarrification solution suite is aimed to develop and deploy pricing model for all Motor and Non Motor Products, to quickly deploy new products to react on market trends and to achieve product harmonization and realization based on comprehensive product strategy and framework.

NSURE Detariff / Pricing Engine solution suite is used to define, deploy, execute, monitor and maintain the business rules by the operational systems in an enterprise. Non- technical business managers and analysts can define and maintain business rules without being dependent on technical resources.

It makes the execution of the business process more accurate, agile and efficient. This enables faster adoption of management decisions, market needs, or business strategy.

Product Configurator

  • NSURE Detariff / Pricing Engine solution suite’s pricing engine serves as an one-stop-shop for premium computation
  • It also provides a ‘Business-User’ friendly interface to make all necessary underwriting guideline related changes as and when the situation demands
  • The pricing engine ensures the resting of control on the computation mechanisms with the Business Users, driven by the dynamic needs of underwriting guidelines and rules, from the De-Tariff market
  • NSURE Detariff / Pricing Engine solution suite possesses frameworks to build different “risk based” pricing models as per the needs of the Lines of Businesses (LOBs)
  • NSURE Detariff / Pricing Engine solution suite 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 factors

Business rules can be defined, reviewed and maintained using a variety of different metaphors such as decision tables, decision trees and graphical decision flows. This means that any set of rules can be displayed in the most practical and natural way, allowing a clear view and understanding of their purpose and interrelationship.

Integration with third party systems

NSURE De-Tariff solution suite has defined technical specifications for integration with any third party system. It can provide premium calculation services, underwriting rules services to any front end system, NSURE POS System and to any back end Core Insurance Systems using web services protocol.

Real-time Integration with 3rd Party system and Core insurance System can be done using Web services.

It can also provide alternate integration options for any legacy system if the legacy system does not support web services.

Log Analyzer

Rule systems can provide an "explanation facility" by logging the decisions made by the rule engine and why the decisions were made.

Changes made by the users in the factors and the rules are tracked and stored for later review and action. Each change is associated with a version number, the responsible author, the date and time of the change and a comment for reference.

Advantages

  • Configurable rating engine
  • Flexible product configurator
  • Risk is priced based on parameters/factors
  • Designing of New products and the price becomes easier on pricing engine
  • Single source for premium calculation
  • Formula-based (Mathematical) configuration
  • NSURE pricing engine can be enhanced on a modular concept for other Product offerings even in life insurance
  • Business logic can be shared across applications, thereby promoting consistent behavior throughout the enterprise

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