InRule® for Insurance
InRule provides a window into the applications that support the business, allowing underwriters, claims managers and other business users to create and maintain the rules, calculations and logic that allow a competitive insurance business to leverage decisive results from key decisioning processes – as the rule not the exception!
Rules and regulations govern key business processes in the insurance industry, including accounting, policy management and issuance, reporting, underwriting, rating and claims. InRule can be used to effectively automate decision logic, including document routing and rules and regulations that change by geography and effective date. Because subject matter experts such as actuaries and underwriters mange the logic they understand, business logic can be updated as needed more quickly and at a lower cost.
Case Study: New Product Development at Aon
Aon Corporation, one of the world’s leading providers of risk management services, insurance, and specialty insurance underwriting uses InRule to streamline new product development. Because there are no standard insurance applications that satisfy the unique needs of each industry, Aon developed its own .NET application that handles accounting, policy management and issuance, reporting, underwriting, rating, and claims. InRule is used extensively in this application for complex calculations for rating and business logic for underwriting and policy form selection.
InRule empowers Aon’s business users such as actuaries—rather than programmers—to write and maintain business rules, keeping rules current while reducing effort by up to 90%.
"For one of our insurance coverages, it took an experienced programmer 120-160 hours to develop the logic [without InRule] for the rating program. An actuary, using InRule, was able to build and test the same logic in 14 hours.” In addition, they used the tool to express their requirements instead of having to write up a huge Word document." Underwriter, Aon Corporation Learn more
Case Study: Agile Development at Beazley
To enable the efficient expansion of business in the complex US market, Beazley began work in July 2008 on BeazleyPro, a major new application for managing and underwriting specialty lines risks in the US. A comprehensive system, capturing all the nuances of regulation in 50 states, the target was to replace the multiple legacy platforms with a single system to record and manage the record of risk within an 18 month timeframe, a very ambitious undertaking.
Developed in collaboration between Beazley's UK IT team and the US business, BeazleyPro is designed to be flexible and able to cover any insurance market, but the requirements of the US - with the complex interaction of state and local regulation - make the use of a rules engine such as InRule vital to its success. Learn more
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Quoting and Underwriting
The rules involved in underwriting books of the business are easily expressed in the InRule Business Language tool. The ability to easily modify, test, and execute these rules helps insurance companies triage quote requests to enable straight-through processing.
Rating
InRule is well suited for calculation-intensive rating development and maintenance processes, to alleviate the backlog and reliance on programmers for making rating logic changes. With InRule’s Excel-like syntax, actuaries and underwriters are immediately productive, writing complex rules and expressions that drive the rating process. In addition, they can make use of over 100 built-in functions including the use of aggregate functions over collections, such as summing up the premium at various levels such as exposures, locations, and policies.
InRule’s data functions make it possible to load and lookup data points in various rating tables for base exposure costs, factors, etc. Finally, InRule’s irVerify provides a complete testing environment to verify the calculations and rules are correct without programmer involvement. InRule has been used to provide quotes for over 40 lines of insurance coverage in both the US and Europe.
Medical Claim Bill Re-pricing
Insurance companies that have needs to manage medical claim bill pricing have harnessed InRule to reduce their overall losses. By using rules, high volumes of medical claim bill transactions can be scrutinised to assist with adjudication of overbilled or fraudulent records thereby protecting the insurance company from making incorrect payments. Complex rules for cascading payouts on line items on a medical bill can be added as adjudications rules, reducing development and maintenance costs.
Commission Calculation and Document Composition
The rules behind commissions can change frequently and sometimes require customisation. By exposing the logic behind commission calculations to brokers, one-off and ad-hoc situations can be handled with ease. Likewise, special situations may arise which dictate custom behaviour for how documents are generated for an insurance company. Risk managers and counsel need the ability to change the rules for how documents are composed in their systems without entering a restrictive development/testing lifecycle.
Data Transformation
Because of regulatory reporting requirements, Insurance companies are often tasked to capture and deliver reports because of the legacy systems that are used for claim aggregation. Further, third parties involved in administration of claims may utilise reporting systems that are different in layout or format than the insuring company's system. InRule can be used to create transformation rules between systems leading to streamlined consolidation of claims storage and reporting.
InRule Extends Results to Pet Insurance
Pet insurers are also leveraging rules for decisive results. Read more.
Leverage Your Business Rules for Decisive Results
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Getting an online insurance quotation should be timely and decisive. And authoring the rules controlling the business decision logic should be as easy as expressing the rule itself in business language, allowing your business to leverage those rules for decisive results.
Business rule technology lets IT analysts and developers manage, integrate and execute complex logic more effectively, and provides business language authoring for business users to update changing logic in a timely and decisive way.
InRule® is designed and optimised for .NET. InRule enhances and extends your investments in key Microsoft technologies including Word, Visual Studio and BizTalk Server, allowing IT and business users to work within familiar tools.
The results – faster time to value and better business decision management, without custom programming, yet all within IT’s control.
Some decisions are easy. Leverage InRule for decisive results.