Configure Carrier Specific Pricing Without Rebuilding Insurance Products
Every insurance carrier has a unique pricing strategy. While bureau organizations provide standardized loss costs and rating methodologies, carriers differentiate themselves by applying proprietary pricing factors, company multipliers, underwriting strategy, market conditions, and program specific adjustments. SelectRate Carrier Rate Multipliers allow insurance organizations to configure, manage, test, version, and deploy carrier specific pricing from one centralized commercial insurance rating platform. Rather than creating separate products for every carrier, organizations can maintain one product while applying carrier specific pricing dynamically during premium calculation.
Carrier Rate Multipliers are configurable pricing factors that modify bureau based or proprietary insurance rates to reflect an individual carrier's pricing strategy.
These multipliers can be applied at multiple levels, including:
Carrier pricing becomes configurable business logic instead of application code.
Commercial insurance organizations frequently support multiple carrier partners.
Each carrier may have:
Carrier Rate Multipliers allow every carrier to maintain independent pricing while sharing the same underlying insurance product.
One insurance product can support multiple carriers simultaneously.
Example:
The rating engine automatically applies the appropriate multiplier during premium calculation.
Each commercial insurance product can maintain unique pricing.
Carrier pricing remains independent while sharing common product components.
Manage every pricing adjustment from one administrative workspace.
Configure:
Every multiplier is centrally managed and fully auditable.
Pricing frequently varies across different geographic regions.
Configure multipliers by:
Geographic pricing becomes configurable without modifying rating formulas.
Some industries require unique pricing adjustments.
Configure pricing for:
Industry specific pricing strategies are fully configurable.
Every pricing adjustment maintains complete version history.
Track:
Historical pricing remains available for renewals and policy servicing.
Every pricing change should be validated before deployment.
Test:
Automated testing significantly reduces production risk.
Deploy pricing updates through governed release workflows.
Supports:
Every pricing update follows the same structured deployment process.
Carrier Rate Multipliers integrate directly into the premium calculation engine.
The rating engine evaluates:
Every premium calculation references the appropriate pricing configuration. Learn more about Premium Calculation Engine.
Carrier multipliers can be incorporated into reusable rating formulas.
Supports:
Pricing rules remain flexible as products evolve. Learn more about Insurance Formula Builder.
Carrier pricing changes frequently.
Manage:
Organizations can prepare future pricing changes months before implementation. Learn more about Effective Date Management.
Applications automatically retrieve the correct carrier pricing during every rating request.
Supports:
The API evaluates carrier, program, product, state, and effective date before applying pricing. Learn more about Insurance Rating API.
Every carrier pricing change is fully documented.
Track:
Organizations maintain complete governance over every pricing decision.
Insurance organizations centralize carrier pricing to improve operational efficiency and pricing flexibility.
Benefits include:
Build carrier specific pricing strategies without duplicating insurance products. SelectRate gives your organization complete control over commercial insurance pricing while maintaining enterprise governance and operational efficiency.