Market Overview

OneWorld Instech Introduces Rating Service – The Latest in the Company's Series of Microservices Offerings

Share:

Rating Service provides consistent and rapid rates simultaneously
from multiple systems

OneWorld
Instech
, a global insurance technology provider offering solutions
built on a modern architecture that leverages microservices, today
announced the introduction and immediate availability of its OneWorld
Instech Rating Service
. The new Rating Service is the latest in a
series of microservices-based components the company is bringing to
market.

OneWorld's Rating Service rapidly and consistently provide rates
simultaneously from multiple systems, whether for use by agents, carrier
personnel, or consumers. All OneWorld microservices offerings, like the
new Rating Service, are being designed to be compatible with existing
carrier environments as well as future blockchain implementations.

The new OneWorld offering is comprised of two components:

  • Rating Service Editor - An administration tool used to define,
    test, manipulate and maintain rate plans.
  • Rating Service Engine – The heart of the Rating Service Engine
    is the Rating Canvas where icons can be dragged from the toolbox or
    from the data window and then connected to easily create a calculation
    transaction flow.

Highlights of benefits enabled with OneWorld's Rating Service include:

  • Ability to define, maintain and deploy rating and underwriting rules
    without the need to write a single line of code;
  • Capability to quickly build and immediately test rate plans and
    continue to refine through an iterative process;
  • Processing of quotes and policies in seconds; and,
  • Several example rate plans for personal, commercial and specialty
    lines are available, including the increasingly popular Cyber product.

Commenting on the launch of the Rating Service, Wendy Aarons-Corman,
OneWorld's president, Americas, said, "The Rating Service is the latest
commercially available offering in the OneWorld series of
microservices-based components. While it was developed to easily
integrate with carriers' current systems, the Rating Service will be
able to stand the test of time as new technologies like blockchain
become more widely used in the industry."

The OneWorld Rating Service component is line of business agnostic.
Specialty niche line of business (LOBs) Rating Services can be quickly
tailored to meet the current and future needs of the market, helping
OneWorld customers differentiate themselves from their competitors.

About OneWorld Instech

OneWorld Instech is a global insurance technology provider offering
solutions built on a modern architecture designed to simplify innovation
and future-proof insurance processing. The OneWorld portfolio is
comprised of microservices offering a range of capability options
including Bordereaux management, Specialty Lines rating services such as
Cyber and A&H and complete policy processing. The company's offerings
can be deployed standalone or integrated with a carrier's or MGA's
existing environment. OneWorld's architecture is also designed to
support emerging technologies and functionality such as block chain and
smart contracts. For additional information call 833.41WORLD (96753) or
visit www.oneworldinstech.com.

View Comments and Join the Discussion!