One of the biggest frustrations in commercial insurance rating is understanding how a premium was calculated. Underwriters, product managers, auditors, and customer service teams often spend hours tracing formulas, reviewing spreadsheets, and manually reconstructing calculations.SelectRate automatically generates a comprehensive Rating Worksheet for every quote, giving users complete visibility into every variable, formula, bureau rule, carrier adjustment, underwriting decision, fee, tax, and premium calculation.Instead of asking,"How did we get this premium?", every calculation is documented in a clear, structured worksheet.
A Rating Worksheet is a detailed breakdown of every step used to calculate a commercial insurance premium.
The worksheet provides complete transparency into:
Every calculation is visible, repeatable, and fully auditable.
Commercial insurance pricing often involves hundreds of calculations.
Without a detailed worksheet organizations struggle to:
Rating Worksheets eliminate guesswork by documenting every calculation.
SelectRate Rating Worksheets support every commercial insurance product. Every product uses the same standardized worksheet structure.
Every worksheet displays a complete pricing summary.
Including:
Every adjustment is displayed in calculation order.
Every pricing formula is displayed exactly as executed.
View:
Users can understand exactly how each calculation was performed.
Display every bureau calculation.
Supports:
Bureau calculations remain separated from carrier adjustments.
Display every carrier adjustment.
Review:
Carrier pricing is clearly separated from bureau calculations.
Every underwriting adjustment appears within the worksheet.
Display:
Users understand every underwriting decision affecting premium.
Compare multiple premium calculations side by side.
Compare:
Quote comparison simplifies underwriting reviews and product testing.
Rating Worksheets can be exported for operational use.
Export options include:
Organizations can archive worksheets as part of policy records.
Applications can retrieve Rating Worksheets through secure REST APIs.
Supports:
Every application receives identical calculation details.
Review every variable used during premium calculation. Every variable includes its source and calculated value.
Examples include:
Every financial adjustment is documented. Each fee displays the calculation method and amount.
Display:
Every worksheet links directly to the Rating Trace. This provides complete transparency into how every premium was produced.
Users can review:
Learn more about Rating Trace
Rating Worksheets automatically reflect the correct product version. Historical worksheets remain available indefinitely.
Display:
Learn more about Effective Date Management
Rating Worksheets support automated validation. Testing teams can quickly identify pricing differences.
Compare:
Learn more about Rating Testing Software
Every worksheet becomes part of the permanent audit record. Organizations maintain complete transparency across every commercial insurance premium.
Track:
Insurance organizations use Rating Worksheets to improve operational transparency.
Benefits include:
Stop manually reconstructing commercial insurance premiums. Generate detailed Rating Worksheets that explain every calculation, improve underwriting productivity, and simplify regulatory compliance with SelectRate.