Specialty insurers face a highly competitive marketplace – for both price and product. Time pressure and agility are critical to a carrier’s success as new markets emerge and existing markets evolve.
The ability of a specialty insurance carrier to respond to challenges depends on a ratings engine that minimizes development time while allowing the fine-tuning of ratings logic by actuaries and other subject matter experts to account for situations that were not anticipated in the original production release.
This paper details the requirements for building and maintaining a ratings engine for specialty insurance. It also highlights the role that a decision platform can play in reducing risk, increasing agility and gaining (and maintaining!) competitive edge in the marketplace.