Implementing an exchange rate service

Each insurer has their own unique exchange rate requirements such as how often to refresh the exchange rate or which market provides the rates. In some cases, the exchange rate market is not a market in the conventional sense, but a set of rates specified by the company or one of its business associates. An insurer’s exchange rates may vary by line of business. Certain policyholders may have custom rates which are negotiated with the insurer. Therefore, the base implementation of PolicyCenter provides a simple exchange rate service which rates multicurrency policies. In this simple implementation, PolicyCenter obtains the exchange rates from a static table containing rates for conversion from one currency to another. Guidewire expects each insurer to implement their own exchange rate service.