Development of a Dynamic Insurance Rate Calculator Builder Platform

The client’s team of insurance specialists rely heavily on engineering resources to create, update, and manage rate calculators for diverse insurance products and multiple jurisdictions. This dependency has limited their ability to quickly introduce new products or expand into additional state and county markets, resulting in only 11 out of 38 target jurisdictions being covered and slowing operational agility.

A mid-sized insurance provider offering various policy products across multiple jurisdictions, seeking to streamline and empower their rate calculation processes.

• Develop an intuitive, secure rate calculator builder that enables policy experts to independently create and manage calculators for all targeted jurisdictions.
• Extend coverage to support calculation for all relevant states and counties, enabling rapid deployment of new insurance products and jurisdictions.
• Create a multi-platform solution with an internal admin interface, public-facing quoting interface, and an API for third-party integrations.
• Reduce reliance on engineering team for calculator updates, thus accelerating product launch timelines.
• Enhance operational transparency with version control, testing, and collaboration features for policy experts.

• Internal admin interface for managing calculator creation, updates, testing, versioning, and publishing.
• Public-facing interface for agents to input transaction details and receive instant, accurate insurance quotes.
• Support for various transaction types (purchase, refinance, loan), policy types, endorsements, discounts, credits, and disclosure calculations.
• Ability to collaborate on calculator development and maintain audit trails for edits.
• Generation of static links or PDFs of quotes for client communication.
• API access enabling integration of calculations into external closing and escrow workflows.

• Third-party title & escrow software for calculation integration via API
• State and county jurisdiction data sources for rule-based calculator customization
• Authentication and security frameworks

• Scalability to support increasing number of calculators and users
• High performance with minimal latency for instant quoting
• Robust security protocols to protect sensitive data
• Reliable uptime and disaster recovery capabilities
• Audit logging and version control for all calculator modifications

This platform aims to significantly reduce time-to-market for new insurance products, improve the accuracy and consistency of rate calculations, and empower policy experts to independently manage and update calculators. It is estimated to increase jurisdiction coverage from 11 to all 38+ states, enhance operational efficiency, and foster faster expansion into new markets, thereby increasing revenue opportunities and customer satisfaction.