Commercial insurance underwriting is not always formula driven. Some risks require experienced underwriters to apply professional judgment when standard rating methodologies do not accurately reflect the exposure. SelectRate enables insurance organizations to manage Judgment Rates through configurable workflows that combine underwriting expertise with enterprise governance, approval controls, audit history, and premium transparency. Rather than allowing uncontrolled premium overrides, SelectRate provides a structured framework that documents every judgment based pricing decision throughout the product lifecycle.
Judgment Rates allow an underwriter to establish a premium using professional underwriting expertise rather than relying exclusively on standard bureau rates or predefined rating formulas.
Judgment Rates are commonly used when:
Every Judgment Rate becomes part of the permanent underwriting record.
Commercial insurance frequently involves risks that fall outside standard rating methodologies.
Examples include:
Judgment Rates allow underwriters to apply experience while maintaining pricing consistency and regulatory compliance.
Judgment Rates can be configured for virtually every commercial insurance product.
Each product can define independent Judgment Rate policies.
Judgment Rates are managed directly within the Rating Workbench.
Underwriters can:
Every decision becomes part of the underwriting workflow.
Judgment Rates integrate directly into the premium calculation engine.
Review:
The rating worksheet displays both calculated and judgment based pricing for complete transparency.
Judgment Rates frequently require management approval.
Configure:
Approval workflows are fully configurable.
Judgment Rates appear directly within the rating worksheet.
Display:
Every pricing decision remains transparent.
Every Judgment Rate is permanently recorded.
Track:
Organizations maintain complete regulatory documentation.
Every Judgment Rate workflow should be validated before deployment.
Test:
Automated testing significantly reduces operational risk.
Judgment Rate workflows integrate through secure REST APIs.
Applications can:
Judgment Rates become part of digital underwriting operations.
Organizations define when Judgment Rates are permitted.
Configure:
Business users maintain governance without modifying application code.
Every Judgment Rate should include supporting documentation.
Capture:
Documentation simplifies internal reviews and regulatory examinations.
Judgment Rate rules evolve over time.
Manage:
Future underwriting strategies can be configured before implementation. Learn more about Effective Date Management
Deploy Judgment Rate workflow updates through governed release processes.
Supports:
Every workflow follows a structured deployment lifecycle. Learn more about Rating Release Management
Every Judgment Rate is fully governed.
Track:
Organizations maintain complete visibility into every underwriting pricing decision.
Insurance organizations automate Judgment Rate workflows to improve underwriting consistency and governance.
Benefits include:
Give experienced underwriters the flexibility to price unique commercial insurance risks while maintaining complete governance, transparency, and regulatory compliance with SelectRate.