Build Enterprise Commercial Insurance Pricing Without Software Development
SelectRate Formula Builder enables product managers, actuaries, rating analysts, and underwriting teams to build, maintain, and govern commercial insurance pricing without modifying application code. Pricing becomes a configurable business function instead of a software development project. Organizations maintain ISO and NCCI bureau content, carrier specific deviations, proprietary pricing, reusable formulas, and premium calculations from one centralized platform.
The Formula Builder centralizes every component used to calculate commercial insurance premiums.
Pricing teams configure:
Every pricing component becomes reusable across multiple products.
An Insurance Formula Builder is a configuration tool used to define how commercial insurance premiums are calculated. Instead of modifying source code every time pricing changes, organizations configure formulas using reusable business components that are managed through a controlled product development process. This approach simplifies maintenance, reduces development costs, and allows insurance organizations to launch products significantly faster.
The Formula Builder supports sophisticated commercial insurance calculations.
Create formulas using:
Business users can configure complex rating logic without depending on software developers.
The Formula Builder supports bureau content together with carrier specific modifications.
Examples include:
Carrier specific pricing extends ISO and NCCI bureau content while maintaining reusable formulas and complete pricing governance.
Every formula is assembled from configurable building blocks.
Components include:
These components can be reused across multiple insurance products and programs.
Variables are centrally managed to improve consistency across products.
Examples include:
Updating a shared variable automatically benefits every product that references it.
Many commercial insurance products rely on lookup tables rather than fixed formulas.
The Formula Builder supports configurable lookup tables for:
Lookup tables can be maintained independently without changing the underlying formulas.
Every pricing change is version controlled before becoming available for production.
Supports:
Organizations always know which formula generated each premium calculation.
Every pricing formula is validated before production deployment through integrated testing.
Run:
Testing significantly reduces production errors and pricing inconsistencies.
Approved pricing changes move through governed deployment workflows before production activation.
Deployment includes:
Every deployment is recorded with complete audit history.
Approved pricing logic becomes immediately available throughout the SelectRate platform and connected enterprise applications.
Applications can calculate premiums consistently regardless of where the request originates.
Supported integrations include:
Learn more about Insurance Rating API.
Modernize commercial insurance pricing with SelectRate Formula Builder. Build reusable pricing models, manage ISO and NCCI bureau content, maintain carrier deviations, and govern enterprise pricing from one centralized platform.