Build Commercial Insurance Rating Formulas Without Writing Application Code
The SelectRate Insurance Formula Builder enables insurance organizations to create, maintain, test, and deploy commercial insurance rating formulas from a centralized configuration environment. Product managers, rating analysts, actuaries, underwriters, and business analysts can build sophisticated pricing models without embedding business logic directly into software applications. Whether you're implementing bureau based products, proprietary carrier pricing, or highly customized commercial insurance programs, the Formula Builder provides the flexibility to create reusable rating components that accelerate product development while improving governance and consistency.
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 virtually every commercial insurance pricing model.
Including:
Every formula is version controlled, tested, approved, and deployed through the SelectRate platform.
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 adjustments can be layered over bureau content while preserving complete audit history.
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 formula change is tracked throughout its lifecycle.
Supports:
Organizations always know which formula generated each premium calculation.
Every formula should be validated before production deployment.
The Formula Builder integrates directly with automated testing capabilities.
Run:
Testing significantly reduces production errors and pricing inconsistencies.
Approved formulas move through structured release workflows.
Deployment includes:
Every deployment is recorded with complete audit history.
Every approved formula becomes immediately available through the SelectRate API platform.
Applications can calculate premiums consistently regardless of where the request originates.
Supported integrations include:
Learn more about Insurance Rating API.
The Formula Builder supports every commercial insurance product available within SelectRate.
Reusable formulas simplify maintenance across large product portfolios.
Insurance organizations use the Formula Builder to accelerate product development while improving pricing consistency and operational governance.
Benefits include:
Build sophisticated commercial insurance pricing models without hardcoding application logic. SelectRate Formula Builder gives your product teams the flexibility to configure, test, version, and deploy rating formulas with confidence.