Centralize Loss Cost Management Across Every Commercial Insurance Product
Loss costs are one of the most important building blocks of commercial insurance pricing. Bureau organizations regularly publish updated loss costs that insurance carriers use as the foundation for calculating premiums. Insurance organizations must implement these updates accurately while maintaining carrier specific pricing, historical versions, future effective dates, and complete audit history. SelectRate Loss Cost Management provides a centralized environment for managing bureau loss costs across multiple carriers, states, insurance products, and rating bureaus. Instead of manually updating spreadsheets or modifying application code, insurance organizations can configure, test, approve, and deploy loss cost updates from one enterprise platform.
Loss Cost Management is the process of maintaining bureau published loss costs and combining them with carrier specific multipliers to calculate commercial insurance premiums.
A modern loss cost management platform supports:
Every change is governed throughout its lifecycle.
SelectRate supports every major commercial insurance bureau.
Including:
Organizations can manage multiple bureau versions simultaneously while maintaining complete pricing accuracy.
Maintain every bureau loss cost in one centralized repository.
Store:
A centralized repository eliminates duplicate data while improving governance.
Bureau organizations publish updates throughout the year.
Manage:
Updates can be configured months before they become active.
Every loss cost is associated with one or more classifications.
Manage:
Classification management remains synchronized with bureau updates.
Most insurance carriers apply proprietary pricing using carrier specific loss cost multipliers.
Configure:
Carrier pricing remains independent from bureau published loss costs.
Every loss cost update maintains complete version history.
Track:
Historical loss costs remain available for renewals and audits.
Every loss cost update should be validated before deployment.
Test:
Automated testing reduces production errors while improving pricing confidence.
Deploy bureau updates through governed release workflows.
Supports:
Every loss cost update follows a controlled release process.
Many bureau organizations publish different values by state.
Manage:
Organizations can maintain independent state configurations while using one centralized platform.
Loss costs automatically flow into premium calculations.
Calculations include:
Every premium calculation references the correct loss cost version.
Loss costs frequently change on scheduled implementation dates.
Manage:
Organizations can prepare future updates without affecting production. Learn more about Effective Date Management .
Applications automatically retrieve the correct loss cost during every rating request.
Supports:
The API automatically applies the appropriate bureau version and effective date. Learn more about Insurance Rating API .
Every loss cost modification is fully documented.
Track:
Organizations maintain complete operational visibility.
Insurance organizations centralize loss cost administration to improve pricing accuracy and simplify bureau updates.
Benefits include:
Manage bureau loss costs, carrier pricing, product versions, testing, and deployment from one centralized commercial insurance rating platform built for modern insurance organizations.