Connecture’s sophisticated InsureConnect Rating product will improve your business operations while reducing maintenance, support, and distribution costs. InsureConnect Rating provides a single system to manage and maintain multiple rate algorithms and rate factors, eliminating duplicate efforts and streamlining workflow across several departments. By replacing manual processes and calculations, your company can increase accuracy, as well as improve consistency among users. InsureConnect Rating helps streamline the quoting, underwriting, and renewal processes.

InsureConnect Rating features include:

• Faster turnaround time of changes to rating by updating from a traditionally time intensive task where code changes were required.
• Easily import/export rates between InsureConnect Rating and Excel.
• An easy-to-use and intuitive user interface that significantly reduces the complexities of updating rates and factors. Key usability features include guided wizards, auto-complete of expressions, expression highlighting, and drag-and-drop functionality.
• Automated regression testing allows carriers to define a set of test cases with expected results and to test rates by providing test inputs and verifying the outputs of each step of the algorithm.
• Connecture's unique algorithm builder has eliminated the traditional code-intensive process, and offers carriers the opportunity to view the details of, and make changes to, their own unique algorithms. This full transparency makes it easy to 'de-bug' an algorithm.

LEADING EDGE TECHNOLOGY
Connecture's rating technology is unique in the industry. We provide enterprise rating services that can be readily updated, which includes not only the ability to create and update rate factors but to also to modify and create new algorithms without the need for IT resources. To achieve this, Connecture has created a "Domain Specific Language" (DSL) that is designed for the actuary. This allows the actuary to create algorithms naturally and easily.

Making complex product and rating changes and keeping those changes current and consistent across all sales channels is a challenge for many carriers. InsureConnect rating is a flexible and powerful solution designed to allow Actuaries and Underwriters to make rapid product and rating changes without IT intervention using Internet-based administration tools. Connecture has implemented the InsureConnect Rating System and Product Server at over 80 insurance plans and benefit providers across multiple lines of business and market segments, including Small Group, Large Group, and Individual and Family Plans.

CENTRALIZED RATE SERVICE
Maintain rates, factors, and algorithms in one centralized repository, which delivers the information to consuming systems and multiple channels, both internal and external to the organization.

Connecture's platform provides an enterprise-capable rate engine, product engine, and enrollment process that can be extended to retail outlets and storefronts, broker automation vendors, and private as well as public exchanges as new regulation comes into play.

RATE ADMINISTRATION CONSOLE
Actuarial and Underwriting staff can easily update and maintain complicated and unique enterprise rate data with InsureConnect Rating. The rating solution offers flexible, expansive functionality so the carrier's staff has the ability to apply rate factor and algorithm changes for all market segments, lines of business, and products. This administrative control can increase speed to market, improve service, simplify testing, and accelerate new business acquisition as well as improving renewal and retention.

InsureConnect Rating supports the configuration of rating algorithms, allowing high performance results that match rate calculations to the penny.

The rate administration console, in conjunction with the product engine, allows carriers to completely maintain and update their rates. Rate updates are performed through an intuitive user interface that doesn't require programming skills, eliminating the need for technical intervention or coding. Full life cycle maintenance of the rating allows for the updating of rate factors, existing algorithms, the creation of new algorithms, and automated testing, ensuring the accuracy of the rating.

Users can create tasks through an expression language that was developed to meet the specific needs of carrier rating. Rather than requiring a technical skill set, expressions are in a language designed to mimic Excel functions to allow for ease of transition from Excel to the algorithm builder. Tasks include being able to do table look-ups to return factor values, calculations, looping, and conditional business logic.