We outline the market outlook for pricing & rating in P&C insurance — from investment trends, to leading companies, to recommendations for players in the space.
What is pricing and rating?
Tech solutions in this category handle pricing & rating algorithms and models necessary for the underwriting process. These systems establish rating and pricing rules that can ultimately calculate the premium of an individual submission that the underwriter can then use to quote and offer to the applicant.
Typically, platforms will have a variety of pre-built pricing & rating models that insurers can use immediately, as well as flexible configuration tools to let insurers customize the models to fit their own methodologies and risk appetites.
Features & capabilities
Typical features of pricing & rating solutions include:
- Pricing & rating model creation and management
- Automation tools to price submissions without the need for underwriter supervision
- Dashboard and business intelligence tools to understand the efficacy of models and inputs
- Maintenance of configurations added over time for current and previous rate comparison
