Improving quoting and rating performance

In certain lines of business, generating quotes and rates on policies can take a noticeable amount of time. For example, this can occur on commercial policies with large numbers of coverables. To improve quoting and rating performance, consider using one or all of the following features:

Asynchronous quoting – In certain lines of business, generating quotes for policies can take a noticeable amount of time. For example, this can occur on commercial policies with large numbers of coverables. Asynchronous quoting enables the quote to run in the background, so that the user can do work on other screens until the quote completes. Asynchronous quoting occurs when the number of coverables exceeds a threshold. In the base configuration, asynchronous quoting is available in the commercial lines of business: businessowners, commercial auto, commercial property, general liability, inland marine, and workers’ compensation.
Parallel rating – Parallel rating can improve the performance of generating quotes on policies with large numbers of coverables by rating coverables in parallel using multiple threads. The implementation requires Guidewire Rating Management. The base configuration implementations of parallel rating for the commercial property line of business. Two types of parallel rating are provided: parallel rating using entities and parallel rating using DTOs.
Parallel product model synchronization – Parallel product model synchronization improves the performance of generating quotes by synchronizing the product model in parallel using multiple threads. Product model synchronization occurs at other times in the policy transaction so it can also improve performance outside the quote process. In the base configuration, parallel product model synchronization is enabled for commercial products.
Two-step quoting – With two-step quoting, the first step validates the policy data and rates the policy, generating all cost and premium information, and bringing the policy period to Rated status. The second step completes post-rating tasks, such as generating forms, checking reinsurance, and raising underwriting issues. If the second step is successful, the policy period is then in Quoted status. With two-step quoting, you can delay or omit the second step entirely. For example, when working with multiple versions of a policy transaction, an underwriter does not need to generate forms, reinsurance, or underwriting issues for the policy until a specific version is chosen. Or in high volume quoting, only the actual price of the policy is relevant so it is unnecessary to do post-rating tasks. In the base configuration, two-step quoting is enabled for the commercial property line of business, but can easily be enabled for the remaining lines. Side-by-side quoting in personal auto uses two-step quoting. High volume quote requests use two-step quoting for all lines of business.

You can implement both asynchronous quoting and two-step quoting in the same policy line. If both are enabled, the first step, rating, is done asynchronously. The second step, finish quoting, is done synchronously.

Through configuration, asynchronous quoting and parallel rating can be modified to meet your needs and can be expanded to other lines of business.