How Does a Rating System Built with Microservices Impact Agility? Solartis’s Ratings Microservice Empowers Insurance Innovation
Solartis’s rating microservice is a best-in-class insurance rating system solution that is independently managed, deployed, and subscribed.
Unlike other insurance rating systems in the marketplace today, Solartis’s rating microservice is both flexible and comprehensive. These two characteristics often come at odds with each other in older technology platforms. Most rating engines in the market today are heavy, tightly coupled, and difficult to integrate with which dictates their expensive price tag. Not only are these monolithic rating systems costly due to their architecture, but their performance and extendibility are limited as well. In order to get the most out of an insurance rating system, it must be modern, cost-effective, extendable, fast and efficient.
Download the Solartis Ratings Microservice Fact Sheet to learn more about our unique offering and its benefits for your insurance programs.
Cost-Effective Insurance Rating System
The tides are turning as the traditional insurance company is now pressured to keep up with the agile insurtechs. But many carriers have legacy technology that is holding them back. If their policy administration system is monolithic, they’re already behind the curve. They need a way to leverage their existing technology investments, enable innovation, be cost-effective and flexible enough to compete in this new digital world.
The good news is there is a solution. Adding or using true microservice technology for your rating component provides numerous benefits you will not achieve with your legacy policy admin system. Configuring the rating content is quick and easy. Via JSON API calls, the microservice seamlessly integrates with your existing technology as well as other third-party tech platforms and devices.
Related reading: To learn more about bringing products to market quickly using microservices, download our resource “How To Launch Insurance Products Faster with Microservices” eBook.
The Solartis’ rating microservice is just one of the Solartis policy life cycle microservices. View our extensive microservices catalog to see how impactful microservices architecture can be to your decision-making process when purchasing insurance tech systems or components. You can pick and choose “a la carte” the specific functions required to be successful and only pay for the microservices you need.
Leverage Third Party Content Where Appropriate
Using third-party content just makes sense. It reduces project risks and timelines, improves accuracy and reduces keystrokes for end users. ISO Electronic Rating Content (ERC) is a perfect example. Electronic consumption of the ISO rates, rules and forms into your rating service vastly improves insurance product onboarding and maintenance for all commercial property & casualty lines of business.
Fast and Efficient
System users expect their interactions with their technology platform to be both intuitive and lightning fast. When the insurance rating engine is part of a monolithic platform, executing a premium on thousands of risks significantly inhibits application performance and user productivity. On the contrary, using a microservice based rating system provides better user experience and more policy processing in less time. With a true rating microservice, gone are the days of waiting three-plus minutes for your vehicle fleet or property scheduled to return a premium!
Test Solartis’s Ratings Microservice
The specific benefits of Solartis’s ratings microservice can be tested by accessing one of our three sandboxes. You can experience modern software architecture firsthand and test the functionality at your own pace.