General Insurance – Rating Engine Systems Selection
The Challenge
To identify suitable new technology to improve rating and underwriting capability to take a lead on competitors as well as better leverage in-house information assets. Understand the implementation costs and risks and develop the business case to implement
Our Work
Frazer Walker undertook the market survey identifying the tools available, tailored to the Australian market that could amplify their underwriter’s capabilities and achieve the organisation’s requirements
The market survey also provided the high level licensing and implementation costs, implementation risks and issues that we helped develop into a comprehensive business case for consideration by board and management
The Outcome
Frazer Walker successfully completed the Rating/Underwriting Engine market review within eight weeks resulting in:
- A comprehensive survey of the Rating/Underwriting tools currently available and in-use across Australian General Insurers
- Agreed high level requirements across both personal and commercial insurance lines identifying the capabilities required from a rating/underwriting engine
- A ‘short form’ RFI to selected vendors in order to determine the associated high level costs to acquire, implement and operate a modern insurance rating and underwriting engine
- Identification of potential implementation challenges, risks and issues associated with integrating a standalone engine with the client’s policy administration system, and current users of the product within the Australian market
The Insurer subsequently used this information to form their comprehensive business case for change that was considered by board and management
Contact
For more information please contact Ian Chisholm, Phone: +61 401 316 004, Email: ian.chisholm@frazerwalker.com