Insurance Quote Engine

A quote engine will include all the rules and calculations to take a policy object and return the premium amount and breakdown, plus provide any endorsement, refer or decline messages. And it may be used to return comparative quotations.

There are two principal architectures that can be deployed. Discover IT has the solution for each.

In the first instance, many companies already have an established back-end system that contains the quote engines. In these circumstances, a link to the front-end must be provided. This is typically done by using web services. So, along with the web service methods to access and update policies, the back-end must also provide a method to retrieve a quote, which will include the premium, premium breakdown and policy warnings. So, the front-end calls the relevant web services to submit the policy data, retrieve the quote and then display the relevant details on screen.

The other solution is to create a new quote engine for the online application. In this case, Discover IT uses the InRule rules engine. which is a tool that we have standardised on.

This tool enables skilled and trained underwriters to use a rich rules authoring environment to produce all the rules and calculations required for the product.

Expressions, inline and external data tables, and decision tables can all be part of this solution.

The advantage of using an authoring a tool, rather than hard-coding a solution, is that the work does not have to be done by a programmer and, as it is easily readable by a skilled underwriter, it is much easier to review and amend.

We're ready when you are. Let's talk.