Enterprise Commercial Insurance Product Builder
SelectRate Product Builder allows insurance organizations to create new commercial insurance products without developing new software applications. Product managers, underwriting teams, actuaries, and business analysts assemble products using configurable business components including ISO and NCCI bureau content, carrier specific deviations, pricing rules, underwriting logic, forms, and product governance. Instead of building software, organizations build insurance products.
From Product Idea to Production
Every commercial insurance product follows the same lifecycle.
- Define Product
- Configure Coverages
- Configure Rating
- Configure Underwriting
- Configure Forms
- Test Product
- Approve Product
- Deploy Product
The Product Builder provides one governed environment for the complete product lifecycle.
What Is an Insurance Product Builder?
An Insurance Product Builder is a configurable platform used to design, configure, and manage commercial insurance products throughout their lifecycle.
Instead of relying on developers to make every product change, business users can configure:
- Rating
- Underwriting
- Pricing
- Forms
- Endorsements
- APIs
- Workflows
- Effective Dates
- Releases
- Product Versions
Everything is managed through configuration rather than software development.
Built for Commercial Insurance
SelectRate supports every major commercial insurance product.
Each product is built from reusable components while maintaining independent business rules.
Product Configuration
Configure complete insurance products from one platform.
Manage:
- Products
- Programs
- Carriers
- States
- Coverages
- Limits
- Deductibles
- Eligibility
- Underwriting
- Pricing
Business users configure products without software development.
Rating Configuration
Configure ISO and NCCI bureau content, carrier specific deviations, pricing logic, reusable formulas, and premium calculations from one centralized environment.
Configure:
- Rating Variables
- Rating Formulas
- Bureau Content
- Carrier Pricing
- Lookup Tables
- Premium Calculations
- Rating Worksheets
- Rating Trace
The same rating engine supports every commercial insurance product. Learn more about Commercial Insurance Rating Engine, Insurance Formula Builder.
Underwriting Configuration
Build underwriting rules visually.
Configure:
- Eligibility
- Refer to Company
- Judgment Rates
- Consent to Rate
- IRPM
- Experience Rating
- Approval Rules
Underwriting becomes part of the product definition. Learn more about Underwriting Rules Engine.
Coverage Builder
Configure insurance coverages without coding.
Manage:
- Coverage Options
- Coverage Limits
- Sublimits
- Deductibles
- Waiting Periods
- Coinsurance
- Optional Coverages
- Mandatory Coverages
Coverage configuration remains reusable across products.
Forms Builder
Automatically associate documentation with products.
Configure:
- Policy Forms
- State Forms
- Carrier Forms
- Endorsements
- Supplemental Applications
- Questionnaires
Documentation automatically follows the active product version. Learn more about Forms Management, Endorsement Management.
Workflow Builder
Every commercial insurance product includes configurable operational workflows covering quoting, underwriting, approvals, policy servicing, renewals, endorsements, and releases.
Supports:
- Quote
- Bind
- Refer
- Decline
- Endorsements
- Renewals
- Cancellations
- Product Releases
Business workflows become part of product configuration.
Product Lifecycle Management
Every product moves through a governed lifecycle before production deployment.
Supports:
- Product Creation
- Product Configuration
- Product Testing
- Product Approval
- Effective Dates
- Production Release
- Audit History
Products follow structured governance from creation through retirement.
Automated Testing
Every commercial insurance product is validated before production using integrated testing capabilities.
Automatically test:
- Premium Calculations
- Rating Formulas
- Underwriting Rules
- Product Configuration
- APIs
- Regression Scenarios
Testing becomes part of the product development lifecycle.
API First Architecture
Every approved product becomes immediately available throughout the SelectRate platform and connected enterprise applications.
Integrate with:
- Agency Management Systems
- Policy Administration Systems
- Broker Portals
- Customer Portals
- Mobile Applications
- Third-Party Applications
No additional development is required to expose product functionality. Learn more about Insurance Rating API
Enterprise Governance
Every product follows enterprise governance.
Track:
- Product Versions
- User Activity
- Approval History
- Deployment History
- Audit History
- Formula Changes
Organizations maintain complete visibility across every product.
Bureau Integration
Build bureau-based products from one platform.
Supports:
- ISO
- NCCI
- Carrier Specific Deviations
- Proprietary Commercial Products
Carrier specific products extend ISO and NCCI bureau content without duplicating product configuration. Learn more about Insurance Rating Bureaus
Frequently Asked Questions
Read the long-form on this.
Build Better Commercial Insurance Products Faster
Accelerate commercial insurance product development using SelectRate. Build, govern, test, approve, and deploy enterprise commercial insurance products through one centralized product management platform.