With pricing models becoming ever more complicated, the utilization of a pure batch process without greater depth might lead to assumptive pricing decisions. The dimensions of pricing often transcend what we call 'groupings' of insurance risks (e.g. not everyone in my rate basket of 50 risks should necessarily have the same credit or tier assignment). Elite solves the batch processing limitations by providing:
Underwriting Build, store and share (with others in your group) underwriting rules for each carrier or by general study. This feature is inclusive of all driver, vehicle and policy-wide characteristics.
Tier Assignment Using the Underwriting Module, build and save tier assignments based on carrier-specific policy criteria. For example, align certain classes of risks from Company "A, Tier 2" with Company "B, Tier 4" and apply that rule across all risks in the study, so that the correct carrier/tier is evaluated in the output.
Credit Assignment Using the Underwriting Module, build and save credit assignments based on carrier-specific policy criteria. Used independently or in combination with the Tier Assignments, this function allows for correct credit alignment on a risk-by-risk basis. For example, align "Company A Excellent Credit" with "Company B Excellent Credit" and apply that rule across all risks in the study, so that the correct carrier/credit score is evaluated in the output.