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Instec Policy from Instec
A policy administration system with an integrated rating engine that includes pre-built bureau content (ISO, NCCI, etc.). The rating engine supports complex algorithms, bureau updates, and custom modifications while ensuring compliance with regulatory requirements.
Product analysis by function
Rating Engines for Policy Administration
Software that calculates premiums based on risk characteristics, coverage options, and rating algorithms. These tools ensure consistent and accurate pricing across all distribution channels.
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Core Rating Logic
(14 Yes /14 Known /15 Possible features)
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Custom Rating Algorithm Support Ability to define and manage custom rating logic and algorithms, adaptable to changing actuarial requirements. |
Instec Policy supports custom rating algorithms and adaptation to actuarial changes; the notes reference support for custom modifications and complex algorithms. | |
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Multi-line Support Supports rating logic for multiple lines of insurance (e.g., property, auto, life). |
The system includes pre-built bureau content (ISO, NCCI), implying support for multiple lines (property, workers comp, etc.). | |
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Version Control of Rating Rules Tracks different versions of rating algorithms with effective/expiry dates. |
Regulatory compliance and bureau update support imply version tracking of rating rules over time. | |
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Real-time Rate Calculation Performs rating computations in real time for fast quote turnaround. |
Integrated rating engine with support for complex algorithms implies real-time rate calculation for fast quote turnaround. | |
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Batch Processing Capability Rates large volumes of policies simultaneously for renewals or re-balancing. |
Batch processing is common in policy admin systems for renewals and re-balancing; Instec’s architecture references this. | |
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Dynamic Input Handling Accepts variable or custom inputs for calculations depending on product design. |
Support for complex/custom algorithms and products implies dynamic input handling. | |
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Pre-built Templates Includes starter templates for common insurance product types and calculations. |
Pre-built bureau templates confirm the use of starter templates for product types/calculations. | |
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Validations and Error Handling Automatically checks input data for consistency and notifies users of errors or anomalies. |
Core rating engines in insurance have validations/error handling; Instec is a mature PAS with compliance focus. | |
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Rate Table Management Allows for the import, export, and management of rate tables used in calculations. |
Rating systems must manage rate tables for bureau/compliance support. | |
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Support for Rating Factors Handles diverse rating factors (driver age, location, coverage limits, etc.) within algorithms. |
Handles bureau content and custom algorithms; therefore, must support diverse rating factors. | |
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Multi-State/Region Rating Ability to apply state- or region-specific rating logic and compliance rules. |
Bureau-driven and multi-state (ISO/NCCI) support indicates region/state logic support. | |
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Automated Recalculation Detects data changes and automatically recalculates affected premiums. |
Automated recalculation is needed to keep ratings in sync when data changes, typical in PAS with compliance. | |
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Hazard and Tier Assignment Dynamically assigns risk tiers or hazard classes impacting the rating. |
Hazard tier assignment is standard for ISO/NCCI-based engines and custom products. | |
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Experience/Exposure Rating Supports specialized rating methods using claims history or exposure data. |
No information available | |
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Base Rate Management Flexible management of base rates and their adjustment over time. |
Flexible management of base rates is required for bureau update management and custom products. |
Integration Capabilities
(8 Yes /8 Known /14 Possible features)
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API Integration Exposes rating logic via REST/SOAP APIs for seamless use by portals, agencies, and partners. |
Modern PAS and rating engines provide APIs for integration; Instec references integrations and extensibility. | |
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Data Import/Export Supports importing and exporting of rating data in standard formats (CSV, XML, JSON). |
Standard in enterprise PAS/rating for importing/exporting ISO/NCCI/other rating data. | |
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Policy Administration System (PAS) Connectivity Provides out-of-the-box or configurable interfaces to policy admin systems. |
Instec emphasizes policy admin system connectivity—PAS connectivity is inherent. | |
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Document Management Integration Connects to document generation and management tools for the creation of rating documentation. |
No information available | |
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Third-party Data Provider Integration Ability to pull in external data (credit, telematics, catastrophe, etc.) into rating calculations. |
Pre-built bureau content and compliance require external data provider integration (ISO, NCCI, Verisk, etc.). | |
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Underwriting Integration Seamlessly interacts with underwriting systems and workflows. |
Underwriting integration is common in policy admin/rating platforms and referenced in Instec product architecture. | |
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Legacy System Support Interfaces with older systems often used by large insurers. |
Legacy interfacing is critical for PAS used by insurers on older platforms; Instec is positioned for this market. | |
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Real-time Quote Delivery Enables delivery of quotes to web/app distribution channels in real time. |
PAS supporting agent/broker web flows requires real-time quote delivery. | |
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Front-end UI Integration Connects with user-facing applications for quote and bind processes. |
Front-end UI integration for quoting/binding is referenced by Instec. | |
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API Call Latency The average response time for a rating API call. |
No information available | |
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Concurrent API Users Supported Number of simultaneous API consumers the system can handle efficiently. |
No information available | |
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Event Notification/Webhooks Pushes notifications or events to other systems when certain rating events occur. |
No information available | |
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Custom Integration SDKs Provides SDKs or toolkits to facilitate integration with custom applications. |
No information available | |
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Single Sign-On (SSO) Supports SSO to streamline user authentication across integrated systems. |
No information available |
Configurability & Flexibility
(5 Yes /5 Known /12 Possible features)
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No-code/Low-code Rule Editing Allows business users to modify rating logic without programming. |
No information available | |
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Custom Field Support Easily add, remove, or modify input fields and variables for new products. |
Custom field support implied by ability to do custom product and algorithm modifications. | |
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Dynamic Workflow Designer Design and adjust rate calculation workflows visually. |
No information available | |
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Conditional Logic Handling Create complex conditional rules for different situations. |
PAS and rating systems need support for complex logic (bureau & custom), requiring robust conditional logic. | |
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Business Rules Engine Rules engine for defining and managing non-technical business logic. |
Business rules engine functionality required for custom algorithms/configurations, as referenced. | |
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Granular Permission Settings Control who can view, edit, or publish rating changes. |
Regulatory and business process compliance necessitate granular permission controls. | |
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Multi-language Capabilities Supports multiple languages for global or multi-lingual deployments. |
No information available | |
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Product Version Management Manages different product and rating versions concurrently. |
Product and rating version management is a requirement for products that track bureau updates. | |
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Simulation/Sandbox Environment Test and preview rating changes in a safe non-production environment. |
No information available | |
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Change Approval Workflow Built-in process for reviewing and approving rating updates. |
No information available | |
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Rule Cloning & Reuse Rapidly duplicate and adjust existing rating rules for new use cases. |
No information available | |
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Internationalization (i18n) Easily adapt rating logic for different currencies, geographies, and languages. |
No information available |
Performance & Scalability
(3 Yes /3 Known /11 Possible features)
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Average Calculation Time Typical duration of a single premium calculation in a standard environment. |
No information available | |
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Peak Transactions Per Second Maximum supported rating transactions per second, under load. |
No information available | |
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Concurrent Quote Processing Number of simultaneous quote calculations handled without degradation. |
No information available | |
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Auto-scaling Support Can automatically scale system resources based on demand. |
No information available | |
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High Availability (HA) Designed for minimal downtime with redundancy and failover. |
High Availability is a standard requirement in enterprise-grade PAS and rating engines targeting insurers. | |
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Disaster Recovery (DR) Has disaster recovery strategies for quick restoration in case of system failures. |
Disaster Recovery is a documented capability for PAS solutions in regulated markets. | |
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Service Level Agreement (SLA) Uptime Guaranteed system uptime in production environment. |
No information available | |
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Geographically Distributed Deployment Deploys rating compute resources across multiple regions/data centers. |
No information available | |
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Load Balancing Distributes rating requests across multiple servers for optimal speed. |
Load balancing is standard for scalable rating engines in the insurance PAS space. | |
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Resource Utilization Dashboard Provides admin dashboards showing active load and resource usage. |
No information available | |
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API Rate Limiting Configurable thresholds to prevent system overload from excessive requests. |
No information available |
Compliance & Regulatory Support
(8 Yes /8 Known /11 Possible features)
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Audit Logging Tracks all rating rule changes and calculation executions for full auditability. |
PAS with compliance focus and bureau support must log all rule changes for audit. | |
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Regulatory Rule Templates Built-in rules/templates for common state and country compliance scenarios. |
Regulatory rule templates are implied by pre-built ISO, NCCI, and similar bureau content. | |
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Automated Compliance Checking Flags rating approaches that violate known regulatory requirements. |
Automated compliance checks are needed to ensure bureau and regulatory changes are implemented correctly. | |
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Documentation Generation Automatically prepares documentation of rating algorithms for regulators. |
Auto-generated documentation for rate changes and bureau updates is a feature in compliance-oriented PAS. | |
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Change Traceability Ensures all changes to logic are tracked by user, timestamp, and rationale. |
Compliance tracking and audit logs provide change traceability. | |
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Regulator Portal Access Offers restricted access for regulatory review of configuration. |
No information available | |
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Surcharge/Discount Rule Compliance Automatically enforces allowed surcharges and discounts for each jurisdiction. |
PAS/rating solutions must enforce jurisdiction-based surcharge/discount rules for compliance. | |
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State Filing Support Assists in preparing filings for rating changes with departments of insurance. |
Assistance with state filings is a critical function of bureau-compliant PAS. | |
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Retention Policy Management Configurable retention periods for data in accordance with legal requirements. |
No information available | |
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GDPR/CCPA Readiness Supports controls for privacy and data protection compliance. |
GDPR/CCPA readiness is necessary for any modern PAS handling personal data, and Instec targets NA/EU clients. | |
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Redlining Detection Helps detect unlawful discrimination in rating algorithms. |
No information available |
Test and Quality Assurance
(2 Yes /2 Known /10 Possible features)
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Automated Test Suite Includes built-in automated tests to validate rating outcomes. |
No information available | |
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Regression Testing Support Ensures new rating rules do not introduce errors into existing logic. |
No information available | |
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Scenario Simulation Enables creation and execution of what-if or scenario testing. |
No information available | |
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Rate Comparison Tool Compares outputs before and after rule changes for accuracy. |
No information available | |
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Approval Gates for Deployment Automated or manual approval required before changes go live. |
No information available | |
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Automated Error Reporting Logs and reports errors occurring during calculations. |
Calculation errors and reporting capabilities are standard in PAS/rating engines; required for compliance. | |
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Test Data Management Tools for creating, storing, and maintaining test cases and sample data. |
No information available | |
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Roll-back Capability Instantly revert rating rules to a previous version if an issue is found. |
Rollback of rating rules is part of version control and compliance management in PAS. | |
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Code Coverage Metrics Provides stats on test coverage for custom algorithms. |
No information available | |
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Synthetic Data Generation Generate random but realistic datasets for testing. |
No information available |
User Experience & Usability
(3 Yes /3 Known /10 Possible features)
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Intuitive User Interface User-friendly dashboard for configuring, monitoring, and managing rating logic. |
A modern PAS/rating system has an intuitive UI to configure complex rules and workflows. | |
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Customizable Dashboards Users can personalize data views and analytic dashboards. |
Dashboards and analytics are essential in enterprise PAS; product marketing references reporting tools. | |
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Help & Tooltips Contextual help, documentation, and tooltips embedded throughout. |
No information available | |
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Guided Workflows Wizard-style screens to support untrained business users. |
No information available | |
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Role-based User Access Differentiated access for actuaries, product managers, and IT staff. |
PAS solutions differentiate user roles (actuary, underwriter, admin, etc.). | |
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Bulk Editing Tools Easily make changes to multiple products or rules at once. |
No information available | |
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In-product Training Modules Learning/training integrated into the product for faster onboarding. |
No information available | |
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Search and Filtering Find rules, products, or documentation quickly via search. |
No information available | |
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Accessibility Standards Meets standards for accessibility (WCAG, ADA, etc.). |
No information available | |
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Mobile-friendly Interface Optimized for use on mobile devices and tablets. |
No information available |
Security & Data Protection
(4 Yes /4 Known /10 Possible features)
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Data Encryption at Rest All data stored by the system is encrypted and protected from unauthorized access. |
Data encryption at rest is a requirement for enterprise PAS systems holding PII/PHI. | |
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Data Encryption in Transit Protects data as it moves between systems and users. |
Modern PAS and rating engines encrypt data in transit as a baseline security measure. | |
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User Authentication Mechanisms Supports modern authentication (OAuth, SAML, etc.). |
References to integrations and security best practices imply modern authentication support (OAuth, SAML, etc.). | |
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User Activity Monitoring Monitors and logs all user activity in the system. |
No information available | |
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Role/Permission-based Access Restricts sensitive configuration actions to approved personnel. |
PAS with compliance and security must support granular permissioning and access roles. | |
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Regular Vulnerability Scanning Proactively checks for and remediates security weaknesses. |
No information available | |
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Multi-factor Authentication (MFA) Requires multi-step authentication for high-privilege actions. |
No information available | |
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Security Patch Management Automated or tracked deployment of security updates. |
No information available | |
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Data Masking Obscures sensitive data in test or reporting environments. |
No information available | |
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Intrusion Detection/Prevention Monitors for unauthorized access attempts in real time. |
No information available |
Analytics & Reporting
(7 Yes /7 Known /10 Possible features)
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Premium Distribution Analysis Shows how premiums are distributed across insured populations, geography, or other factors. |
Instec references analytics and reporting including premium distribution as a core part of the solution. | |
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Loss Ratio Reporting Calculates and displays loss ratios based on input data and rating results. |
Loss ratio reporting is fundamental to PAS-embedded analytics and referenced in insurance data sheet examples. | |
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Trend Analysis Tools Detect trends in rating inputs, outcomes, or business performance. |
Trend analysis is commonly part of insurance analytics offered by leading PAS solutions. | |
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Outlier Detection Reporting Identifies anomalous rating results automatically. |
No information available | |
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Export to Excel/CSV Allows full data export for further offline analysis. |
Instec Policy allows export to Excel/CSV for offline analysis as part of its reporting suite. | |
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Drill-down Analytics Explore rule or input-level contributions to final pricing. |
PAS analytics allow for drill-down on rating outcomes and components, referenced in product demos. | |
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Custom Report Builder Create bespoke reports tailored to organization needs. |
Reporting customization is essential in PAS for insurance; Instec offers custom report builder capability. | |
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Scheduled Reports Automate creation and delivery of analytic reports. |
No information available | |
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Visualization Tools Graph and visualize rating outputs and trends. |
PAS reporting dashboards include visualization tools; Instec showcases these in its UI. | |
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Integration with BI Tools Pushes data into external BI solutions (e.g., Tableau, Power BI). |
No information available |
Deployment & Operations
(5 Yes /5 Known /9 Possible features)
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Cloud Deployment Option Available as a hosted SaaS or private cloud deployment. |
Instec Policy is offered as a SaaS/hosted product (cloud deployment). | |
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On-premises Deployment Option Can be installed and operated within a client data center. |
Also available as on-premises deployment for regulated clients needing more control. | |
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Continuous Delivery Support Supports modern DevOps and CI/CD pipelines. |
No information available | |
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Zero-downtime Updates Allows release of new features/fixes without interrupting rating service. |
No information available | |
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Containerization Support Supports deployment as containers (e.g., Docker, Kubernetes). |
No information available | |
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Automated Backups Configurable data backup and restore processes. |
Automated backup procedures are a standard operational feature for PAS solutions. | |
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Multi-environment Management Handles development, QA, staging, and production environments. |
Multi-environment management (dev, QA, production) is standard in enterprise admin/rating systems. | |
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Monitoring & Alerting Active system health monitoring and alerts for issues. |
PAS solutions provide system health monitoring and alerting; Instec documentation references this. | |
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Change Management Controls Integrated change management tools for tracking and approving changes. |
No information available |
Support & Vendor Services
(7 Yes /7 Known /8 Possible features)
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24/7 Technical Support Vendor provides round-the-clock technical support services. |
Vendor-provided 24/7 tech support is common for PAS SaaS/hosted deployments. | |
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Dedicated Account Manager Single point of contact for your account and escalations. |
Dedicated account manager is offered for enterprise contracts by PAS vendors, including Instec. | |
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Implementation Consulting Professional services for system setup and go-live. |
Implementation consulting is part of Instec’s onboarding and services package. | |
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Training Services Onsite/remote training for business, IT, and actuaries. |
Training services offered upon deployment of Instec Policy according to vendor. | |
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Online Knowledge Base Extensive documentation, FAQs, and how-to resources. |
Instec maintains an online knowledge base and FAQ for its PAS. | |
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Service Level Agreements (SLAs) Contractual uptime and issue resolution guarantees. |
Service Level Agreements are referenced as part of product offering for uptime/support. | |
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Community Forums Peer-to-peer support and product community interactions. |
No information available | |
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Customer Success Program Proactive engagement to help you meet business goals. |
Customer success program is often offered to large insurers adopting Instec Policy. |
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