Boston, December 13, 2017 – While property and casualty insurance carriers around the world strive to underwrite policies more quickly and more accurately, they must also underwrite risks in newer industry classes for which copious data does not exist. Given these and other trends in the shifting P&C insurance landscape, it would behoove P&C carriers to review one of the basic yet most important components of the underwriting process: the rating engine.
This report examines the options available to carriers that believe it is necessary to have a more robust rating engine to be more competitive and profiles the following vendors that can offer stand-alone rating engines: CGI, ClarionDoor, Duck Creek, NetRate, Oracle, ValueMomentum, and Willis Towers Watson. It is based on eight interviews conducted between September and November 2017 with some of the leading stand-alone rating engine providers in North America.
This 24-page Impact Note contains two figures and three tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.