ISi's rating engine is highly configurable, and partnering with comparative rating services enables the system to generate quick quotes in seconds.
ISi also employs a more comprehensive rating process to generate accurate rates during the underwriting process.
Submitting an application after a quote will be met with either an accurate rating or validation errors that prevent approval. Overrides by the client company are the only way to get past set validations to ensure compliance with company rating guidelines.
To calculate a premium, the ISi system follows a customized, step-by-step instruction manual known as the Rate Order Calculation (ROC). Think of ROC as a recipe: the system goes down a precise checklist of pricing steps for every item being insured on the policy (such as each car or home). As it moves down the list, the system automatically performs the necessary math and looks up the client's pricing rules to build your final premium.
Standard quoting involves a person manually entering information to build a quote. RTR, on the other hand, is built for external comparison websites that need to check prices automatically and instantly. While it uses the same pricing rules, RTR can temporarily skip any time-consuming steps the client chooses, such as pulling outside driving records, to avoid transactional costs for customers who may not be that serious about buying the policy. It also calculates different payment options. RTR even allows outside comparison tools to bind any policy, which system rules can automatically approve without human intervention.
To ensure accurate pricing, ISi uses a feature called "Rate Conditions" to decide exactly when a specific pricing calculation should happen. Rate Conditions acts as a filter that evaluates the applicant's data, ensuring that mathematical rules only apply when certain criteria are met. This allows the quoting engine to automatically apply special discounts or skip irrelevant surcharges without needing any human intervention.
