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InsuraPro is an Atlanta-based consulting company providing services and solutions to the P&C insurance companies with the specific focus on Guidewire. Our Pricing Rating solution for Guidewire allows Pricing departments of the insurance companies run “what if” scenarios for their book of business or external data with different versions of Guidewire rating books. Here are some of the business purposes for the solution:

  • Rate Revision. This implies changing the rate for the state book and showing the impact it has on the book of business. Rating may be run against PIF (Policies In-Force) as well as current and prior year quotes & sales. Rate revisions involve changing factors but not the rating logic itself. Frequency: 3-4 times a year per state per rate book (e.g. grandfathered rate book vs. the one used for new customers).
  • Factor Refresh/Product Model Change. Testing the impact of the significant change to the factors and/or rating algorithm across each area of the change. Involves creating a separate version (as many as 14) of the rate book per each changed rating step and evaluating how particular change affects the outcome. Rating may be run against PIF, current and prior year quotes & sales. Frequency: 1-2 times a year per state.
  • On-leveling of the premium. Used for state and yellow book reporting against the book of business over the last 3 years, including quotes and bound policies. Frequency: Produced quarterly per state on a sliding schedule (5-6 states each month).
  • Market Basket Analysis. Used to determine the premium for the sample of insured data purchased from the external vendors (e.g. InsurQuote) or mocked up internally. Most useful for the new states.
  • Rate Remediation. Determine the effect that past rating factor error had upon the book of business.

Because of the fast-paced nature of the business, the quoting results are expected within a day even for large data samples (1-2 million quotes). This solution is particularly useful to the Personal Auto providers.

Our company has changed its name twice over the course of the last 20+ years, from Reusable Software Components, LLC, to Uversatech, LLC, to InsuraPro, Inc. Our clients have included Munich American Reassurance Company (MARC Life), Catlin (now part of AXA XL), Sentry Insurance, and other companies.

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