(Photo credit: Bill Anders, NASA.)
OneWorld Instech, a property/casualty insurance solutions provider launched in July 2018, has introduced OneWorld Instech Rating Service, which the vendor characterizes as the latest in a series of microservices-based components the company is bringing to market.
OneWorld says that its Rating Service rapidly and consistently provides rates simultaneously from multiple systems, whether for use by agents, carrier personnel, or consumers. The vendor says that all its microservices offerings, including this latest, are being designed to be compatible with existing carrier environments, as well as with future blockchain implementations.
The new OneWorld offering consists of two components:
Rating Service Editor: An administration tool used to define, test, manipulate and maintain rate plans.
Rating Service Engine: The heart of the Rating Service Engine is the Rating Canvas where icons can be dragged from the toolbox or from the data window and then connected to easily create a calculation transaction flow.
Benefits of the new microservice to users, according to OneWorld Instech, include the ability to define, maintain and deploy rating and underwriting rules without the need to write a single line of code; the capability to quickly build and immediately test rate plans and continue to refine through an iterative process; processing of quotes and policies in seconds; and several example rate plans for personal, commercial and specialty lines are available, including the increasingly popular Cyber product.
Built to Stand the Test of Time
“The Rating Service is the latest commercially available offering in the OneWorld series of microservices-based components,” comments Wendy Aarons-Corman, president, Americas, OneWorld Instech. “While it was developed to easily integrate with carriers’ current systems, the Rating Service will be able to stand the test of time as new technologies like blockchain become more widely used in the industry.”
The OneWorld Rating Service component is line of business agnostic, according to the vendor. OneWorld Instech says that specialty niche line of business Rating Services can be quickly tailored to meet the current and future needs of the market, helping OneWorld customers differentiate themselves from their competitors.