Rating Management
Guidewire Rating Management provides a set of tools to manage and maintain rating in PolicyCenter.
PolicyCenter provides the ability to rate policies internally or by integrating with an external
rating engine. Rating Management enhances the internal rating capability of PolicyCenter
by providing a set of tools to manage and maintain rate books, rate tables, and rate
routines.
Important: To determine whether your Guidewire PolicyCenter license agreement
includes Guidewire Rating Management, contact your Guidewire sales representative. Rating
Management requires an additional license key. For instructions on obtaining and installing this
key, contact your Guidewire support representative.
Guidewire Rating Management has the following features:
- Rate books – Group related rate tables and rate routines into a rate book. Specify rate book properties including status and edition.
- Editing – Edit and manage rate books, rate tables, and rate routines in PolicyCenter.
- Rate table import/export to spreadsheet – Import and export rate table content to a spreadsheet in Microsoft Excel format. You can import existing rate table data into a draft rate book in PolicyCenter. You can export rate table data from PolicyCenter to a spreadsheet and make changes in a spreadsheet application. After making changes, import the changes back into PolicyCenter.
- Rate book export to spreadsheet – Export a rate book and its included rate tables and rate routines to a spreadsheet in Excel format. Import is not available.
- Approval and migration – Use tools for managing the lifecycle of rate changes, including capturing approvals, managing status, and migrating changes to test and production environments. For rate books, you can manage approval and migration with XML import and export.
- Rate table versioning and selection – Use availability criteria to specify which rate book applies for a given product, jurisdiction, effective date, underwriting company, and offering. Although rate books contain rate tables and rate routines, availability does not apply directly to tables and routines. A policy can be rated again midterm with the same set of rate tables and rate routines. At the same time, new versions of those rate tables can be made available for policies sharing the same effective date but bound later.
- Impact testing – Generates test policy periods so that you can see how changing the rate book and rate routines impacts policy premium. Choose the policies on which to see the impact by specifying product, jurisdiction, producer code, postal code, effective date, expiration date, and as of date. Export the coverage and cost comparisons for each policy to Excel.
- XML import/export – Import and export rate books and their associated rate tables and rate routines from PolicyCenter to XML format. Use import and export to migrate rate books, rate tables, and rate routines between environments. See Importing and exporting rate books to XML.
- Integration with the product model – Link rate table columns or rate routine steps to parts of the product model such as coverages or limits. For example, if you link to a coverage, the product model provides access to the limit options for that coverage.