Unlike other insurance rating systems in the marketplace today, Solartis’ rating microservice is both flexible and comprehensive. These two characteristics often come at odds with each other in older technology platforms.
Most rating engines in the market today are heavy, tightly coupled, and difficult to integrate with, which dictates their expensive price tag. Not only are these monolithic rating systems costly due to their architecture, but their performance and extendibility are limited as well.
Discover unique offerings and benefits for your insurance programs.
The tides are turning as the traditional insurance company is now pressured to keep up with the agile insurtechs. But many carriers have legacy technology that is holding them back. If their policy administration system is monolithic, they’re already behind the curve.
Insurance carriers need a way to leverage their existing technology investments, enable innovation, and be cost-effective and flexible enough to compete in this new digital world.
Adding or using true microservice technology for your rating component provides numerous benefits you will not achieve with your legacy policy admin system.
Configuring the rating content is quick and easy. Via JSON API calls, the microservice seamlessly integrates with your existing technology as well as other third-party tech platforms and devices.
Dozens of departments are involved in consuming thousands of pages of circular data
Spend upwards of 1,300 manhours to complete a product change based on new ISO content
Analyze hundreds of non-executable ISO ERC files depending on states and coverages
Mitigates the burdens of traditional methods for using ISO content, but does not eliminate them
View, analyze, and manipulate commercials LOBs content across all states from a graphical representation or downloadable spreadsheets.
Solartis PMT, user-friendly cloud-based software to build and maintain insurance products with ease
Executable ISO Electronic RatingContent via Solartis API calls
Using third-party content just makes sense. It reduces project risks and timelines, improves accuracy, and reduces keystrokes for end users.
ISO Electronic Rating Content (ERC) is a perfect example. Electronic consumption of the ISO rates, rules, and forms in your insurance rating service vastly improves insurance product onboarding and maintenance for all commercial property & casualty lines of business.
System users expect their interactions with their technology platform to be both intuitive and lightning-fast. When the insurance rating engine is part of a monolithic platform, executing a premium on thousands of risks significantly inhibits application performance and user productivity.
On the contrary, using a microservice-based rating system provides a better user experience and more policy processing in less time. With a true rating microservice, gone are the days of waiting three-plus minutes for your vehicle fleet or property scheduled to return a premium!
Our extensive insurance microservices catalog uncovers how impactful microservices architecture can be to your decision-making process when purchasing insurance tech systems or components.
With Solartis, you are not locked into our screens and business flow. Our microservices are completely decoupled from the user interface, allowing you or Solartis to create your own branded User Interface, look and feel, and business flow. Pick and choose “a la carte” the specific functions required to be successful, and only pay for the microservices you need.
Get the ebook introducing microservices for insurance policy administration systems to learn:
How to adapt to the changing insurance landscape.
How to alleviate insurance market pain points with microservices.
How to drive P&C ROI with microservice architecture.
Why Solartis Insure offers the best microservice-enabled and market-tested policy administration software.