Policy Works develops commercial-lines rating API

Calgary, AB (May 14, 2018) – Policy Works is excited to announce the release of its newly developed Rating API. The API enables automatic rating of commercial policies by seamlessly integrating third-party rating services into the Policy Works workflow.

In addition to enabling automatic rating, the API allows for the enforcement of business rules to ensure compliance with corporate strategy.  External rating engines tying into Policy Works through the API will have full access to all underwriting (COPE) and policy data.

“Individually rating pieces of business is a choke point for issuing brokers.  By integrating with third-party rating engines, we’re fixing that in a very flexible way,” states John Eastly, president of Policy Works Inc. “Brokers can work with established rating vendors to use proven solutions.  Or, if they have the right technical expertise in house, they can develop their own rating engine.  That’s what Lussier Dale Parizeau has chosen to do.”

“Having the ability to automatically rate certain lines of business in Policy Works enables our team to focus on high-value work and deliver exceptional client service,” states Alexis Tertulliani, vice president, commercial insurance and risk management at Lussier Dale Parizeau Inc. “Integrating our rating engine with Policy Works is a key technological milestone that will contribute to our growth, improve our efficiency and, most importantly, enhance customer experience.”

About Policy Works

Policy Works is the industry’s leading platform for commercial-lines business. Building on its vision for linking brokers and insurers to better serve insureds, the company provides a platform where all stakeholders can come together to leverage each other’s strengths. Policy Works believes in the value of the broker distribution channel and is working to ensure it stays vibrant in a changing marketplace.

SOURCE: Policy Works

Tags: ,