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Rating Engines

Rating Engines Reviews and Ratings

What are Rating Engines?

Rating engines are systems designed to calculate premiums or prices for products and services, primarily used in the insurance and financial sectors. They assess various factors like risk, customer profiles, and policy details to determine accurate pricing. These engines are crucial for offering competitive rates, ensuring profitability, and adhering to regulatory standards. In addition, they are flexible, scalable, and integrate seamlessly with other business systems, providing real-time calculations to support decision-making processes.

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Logo of Guidewire PolicyCenter

Guidewire PolicyCenter

By Guidewire

4.5
(2 Ratings)

Guidewire PolicyCenter is a software designed to manage and automate insurance policy lifecycle processes for property and casualty insurers. The software enables the administration of policy quoting, issuance, renewal, and endorsement activities. It supports product configuration, transaction management, and compliance requirements, providing tools for rating, underwriting, and policy servicing. PolicyCenter addresses business challenges such as operational efficiency, regulatory compliance, and the need for streamlined workflows by integrating with other systems including billing and claims management platforms. The software is intended to assist insurers in maintaining accurate policy information while improving response times and facilitating collaboration across departments.

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Logo of MavenBlue EPM Platform

MavenBlue EPM Platform

By MavenBlue

4
(1 Rating)

EPM is a rating engine used by insurance companies to manage their price structures and integrate them directly into core systems. It utilises a concept called "rating artefacts" in which, pricing models produced externally i.e. in R, Python and other platforms, are translated into machine readible code. This means tariffs are compiled at the distribution points not calculated. This negates the need for hard code pricing rules, while also differentiating away from existing vendors that utilise large compute to run/calculate model output in real time.

While the system is open to externally produced models, it also has the ability to perform both the risk and commercial modelling.

There is also a different approach to data integration, several options exist to directly connect the system into underwriting data, claims data, external data. Providing pricing and product teams a unified store of data used for price modelling, which can also be fed into external system if required.

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Logo of TigerLab

TigerLab

By TigerLab

3
(1 Rating)

TigerLab is a software designed to address the needs of insurance providers by offering a modular core insurance platform. The software supports policy management, underwriting, claims processing, and billing functionalities. It enables automation of insurance operations and provides configurable workflows that cater to both life and non-life insurance segments. The software incorporates data analytics features for generating business insights and reporting. Its architecture supports integration with third-party applications, allowing organizations to extend functionalities as required. TigerLab helps insurance organizations improve process efficiency and adapt to market and regulatory requirements through centralized management and digitalization of core functions.

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Logo of CloudBlue

CloudBlue

By CloudBlue

CloudBlue Commerce is a cloud-based software designed to facilitate the management and delivery of multi-cloud services for enterprises and service providers. The software provides tools for automating provisioning, billing, and subscription management across a wide range of digital services and products. It enables organizations to aggregate cloud offerings, streamline operational processes, and manage complex product catalogs. CloudBlue Commerce addresses business needs for scaling cloud distribution, orchestrating service delivery, and optimizing reseller and partner ecosystems, thereby supporting efficient marketplace operations and improving resource allocation for cloud service providers.

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Logo of Earnix

Earnix

By Earnix

Earnix is a software that delivers advanced analytics and AI-driven solutions for financial institutions and insurance organizations. The software enables users to manage pricing, product personalization, and customer analytics through a unified platform. It supports features such as scenario analysis, automation of decision-making processes, and integration with various data sources to improve operational efficiency. Earnix addresses the business need for dynamic pricing, risk modeling, and market responsiveness while maintaining compliance and governance. The software aims to assist organizations in optimizing revenue, enhancing customer experiences, and improving their competitive position through data-driven strategies and real-time insight.

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Logo of EZLynx Rating Engine

EZLynx Rating Engine

By EZLynx

EZLynx Rating Engine is a software used by insurance agencies to automate and streamline the process of quoting personal lines insurance products. The software aggregates real-time insurance rates from multiple carriers, allowing agencies to compare coverage options and premiums quickly. It enables users to enter applicant information once and receive quotes from various insurers, reducing manual data entry and administrative workload. Key features include integration with agency management systems, customizable workflows, and support for multiple policy types. The software aims to improve operational efficiency by accelerating quote generation and simplifying carrier selection for insurance professionals.

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Logo of Guidewire PricingCenter

Guidewire PricingCenter

By Guidewire

Guidewire PricingCenter is a software designed to support insurers in managing and optimizing pricing strategies across various insurance products. The software enables the development, deployment, and updating of pricing models to help insurance businesses respond to changing market conditions and data. It provides tools for price management, rate change simulation, and graphical analysis, and allows integration with other insurance systems. Guidewire PricingCenter addresses the challenges of maintaining accurate and adaptable pricing by offering workflow automation, auditability, and version control features, thereby supporting regulatory compliance and informed decision-making in the insurance business process.

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Logo of Jarus Rating Engine

Jarus Rating Engine

By Jarus Technologies

Jarus Rating Engine is a software designed to provide insurance carriers with a configurable and scalable platform for managing insurance product rating. The software allows users to define and modify rating rules, algorithms, and workflows, supporting multiple lines of business and integration with policy administration systems. It helps streamline the process of developing, testing, and deploying rating logic, enabling faster product launches and efficient regulatory compliance. Jarus Rating Engine supports automation and version control of rate changes and is capable of handling complex rating structures required by property and casualty insurance providers, addressing the challenge of maintaining accurate and flexible rating systems in a dynamic insurance market.

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Logo of Mendix Platform

Mendix Platform

By Siemens

Mendix Platform is a software designed for rapid application development, enabling users to create, deploy, and manage web and mobile applications with minimal coding requirements. The software offers a visual development environment, supports multiple programming languages, and integrates with various data sources and systems through APIs. Mendix Platform addresses business needs such as process automation, digital transformation, and collaboration between IT and business stakeholders by providing tools for workflow modeling, application lifecycle management, and scalability. The software includes features for version control, role-based access, and performance monitoring, facilitating streamlined development and operational efficiency.

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Logo of OneShield Enterprise

OneShield Enterprise

By OneShield Software

OneShield Enterprise is a software designed for the management of core insurance operations including policy, billing, claims, rating, and workflow automation. The software supports property and casualty insurers by providing configuration capabilities to streamline underwriting, policy administration, and customer relationship processes. It incorporates tools for product design, document management, reporting, and analytics, enabling insurers to adapt to regulatory changes and automate business processes. The software facilitates integration with other enterprise systems and third-party applications to support data exchange and business scalability. OneShield Enterprise addresses the need for insurers to manage their operations efficiently, enhance operational accuracy, and respond to market and regulatory requirements.

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Logo of Ratabase360

Ratabase360

By CGI

Ratabase360 is a software designed to assist insurance organizations with rating, rules, and product configuration management. The software enables users to develop, deploy, and manage insurance pricing models and business rules through a cloud-based platform. It offers features such as rule authoring, data integration, testing environments, and analytics, aiming to streamline the process of product development and rate changes. Ratabase360 supports multiple lines of business and provides tools for regulatory compliance and auditability. The software addresses the challenges of operational efficiency and agility in insurance rating processes, allowing for faster response to market changes and regulatory requirements.

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Logo of Solartis

Solartis

By Solartis

Solartis is a software designed to automate and streamline insurance policy administration processes, supporting functions such as policy quoting, issuance, servicing, and renewal. The software provides tools for rules-based rating, document generation, workflow management, and data integration, enabling insurance organizations to manage complex transactions efficiently. Solartis supports both personal and commercial insurance products, allowing configuration and customization based on business needs. By digitizing manual tasks and facilitating real-time data exchanges between internal and external systems, the software aims to reduce operational costs and improve process accuracy. Solartis addresses challenges related to administrative overhead, scalability, and compliance with regulatory requirements in the insurance industry.

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Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

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