A new report from Novarica outlines the rating solutions market for P&C insurers and attempts to explain what insurers should be getting out of each component.
External rating engines enable greater efficiency, making it easier to maintain business logic and rules, and improve speed-to-market. The report asserts that “rate making is a key driver of insurance profitability,” and that choosing a rating mechanism is very circumstantial, based on an insurers product and business needs.
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