Insurance

What is RuleBook for Pricing? 

RuleBook for Pricing is a product line agnostic, pricing and quoting tool that has been designed to replace the myriad of pricing spreadsheets that are prevalent across South Africa and General Insurance markets. The RuleBook Maintenance web application provides a browser based interface for administrators of the RuleBook website to manage the distribution and permissions of Products via Schemes, the creation and maintenance of lookup factors, loadings and reference data via Matrices and the management of Companies, Teams, Users and Groups that participate in the RuleBook platform.

Being internet based RuleBook Maintenance ensures a “zero footprint” application base in that it does not require the installation of any software on a user’s PC and requires a minimal amount of training for an administrator to self-serve their use of configured Products in RuleBook.It can be integrated with existing Policy Administration Systems to minimise the rekeying of risk information, reducing the underwriters’ administrative workload and helping to address data quality issues. Furthermore, RuleBook complements, rather than replaces functionality within existing Policy Administration Systems, maximising the investment already made in technology.

From a management information perspective, it can be integrated with an organisation’s Data Warehouse solution to provide rich pricing and quoting analytics. This integration ensures that the pricing solution can provide context specific performance metrics and pricing information at the time of quoting, facilitating more informed pricing decisions. It offers a full quote to bind workflow solution and provides the ability to author and produce comprehensive quote documentation, populated with data captured through the pricing process. 

RuleBook for Pricing is powered by the Moore Stephens’ RuleBook engine, a strategic tool for the creation, maintenance and execution of complex rules all powered by the latest Microsoft technologies.

What are the benefits?

  • Improved pricing by allowing actuarial and underwriting teams to respond more quickly to market changes.
  • Extended deployment reach of pricing models inside and outside the organisation through a web-based interface.
  • Reduced underwriter administrative workload through integration with Policy Administration Systems and Data Warehouses.
  • Improved surety and auditability of pricing models to meet internal governance and regulatory needs.
  • Improved confidence and accuracy in pricing models through mass simulation of pricing scenarios.
  • Reduced risk from key man dependencies through auto generated documentation of pricing models.