Controlled Product Governance
Commercial insurance products change continuously through pricing updates, underwriting changes, bureau revisions, carrier deviations, regulatory updates, and new product releases. SelectRate Approval Workflows ensure every significant product change is reviewed, approved, documented, and governed before it reaches production. Enterprise organizations gain consistent decision making while reducing operational risk.
Every Product Change Follows Governance
Approval Workflows govern every stage of the commercial insurance product lifecycle.
Typical approval processes include:
- Product Creation
- Pricing Changes
- Formula Changes
- Underwriting Rules
- Product Testing
- Product Releases
- Effective Dates
- Production Deployment
What Are Approval Workflows?
Approval Workflows define the sequence of business reviews required before an action becomes effective.
Approval workflows can govern:
- Product Changes
- Rating Changes
- Formula Changes
- Carrier Pricing
- Underwriting Decisions
- Judgment Rates
- Consent to Rate
- Product Releases
- Policy Endorsements
- User Requests
Every workflow is configurable without modifying application code.
Pricing & Underwriting Approvals
Pricing and underwriting exceptions follow configurable approval paths before affecting commercial insurance products.
Approve:
- Refer to Company
- Judgment Rates
- Consent to Rate
- IRPM
- Coverage Exceptions
- Authority Overrides
- High Premium Risks
Every underwriting approval becomes part of the permanent audit history. Learn more about Underwriting Rules Engine.
Product Approvals
Control insurance product lifecycle management.
Approve:
- New Products
- Product Changes
- Formula Changes
- Rating Variables
- Carrier Pricing
- Forms
- Endorsements
No product reaches production without required approvals. Learn more about Insurance Product Configuration Platform.
Configurable Workflow Designer
Business users configure governance rules without software development.
Configure:
- Workflow Name
- Approval Stages
- Decision Rules
- Escalation Rules
- Notifications
- Deadlines
- Required Documents
- Completion Rules
Organizations can build simple or enterprise approval processes.
Multi-Level Approvals
Support multiple approval levels.
Examples include:
- Product Manager
- Underwriter
- Senior Underwriter
- Actuary
- QA Team
- Compliance
- Executive Approval
Approval chains are fully configurable.
Dynamic Approval Rules
Approval requirements can be based on business conditions.
Evaluate:
- Premium Amount
- Product
- Carrier
- State
- Territory
- Underwriter Authority
- User Role
- Risk Characteristics
Approval routing adjusts automatically based on the submission.
Notifications
Notifications keep product teams informed throughout the product approval lifecycle.
Notify:
- Approvers
- Product Managers
- Underwriters
- QA Teams
- Compliance
- Executives
SLA and Escalation
Automatically monitor workflow performance.
Configure:
- SLA Targets
- Reminder Notifications
- Escalation Rules
- Manager Notifications
- Auto Assignment
- Due Dates
Organizations improve turnaround time while maintaining governance.
Audit History
Every approval decision is permanently documented.
Track:
- Request Date
- Approver
- Decision
- Comments
- Supporting Documents
- Approval Time
- Workflow Status
Every approval remains available for operational reviews and audits.
Automated Testing Integration
Only successfully validated product changes move into enterprise approval workflows.
Test:
- Workflow Logic
- Approval Routing
- Escalation Rules
- Notifications
- API Responses
- User Permissions
Organizations verify workflow behavior before production deployment.
API Integration
Approved product changes become available throughout the SelectRate platform after completing governance workflows.
Applications can:
- Submit Approval Requests
- Retrieve Workflow Status
- Approve Requests
- Reject Requests
- Add Comments
- Retrieve Audit History
Approval workflows become part of enterprise insurance automation.
Effective Date Integration
Approved product changes automatically follow configured effective date schedules before production activation.
Supports:
- Immediate Activation
- Future Effective Dates
- Scheduled Releases
- Renewal Versions
Approved changes become active according to product schedules. Learn more about Future Effective Dates.
Frequently Asked Questions
Automate Insurance Approvals with Enterprise Governance
Strengthen enterprise governance through configurable approval workflows that control commercial insurance product changes before production deployment.