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OneWorld Instech Introduces Rating Service – The Latest in the Company’s Series of Microservices Offerings

OneWorld Instech, a global insurance technology provider offering solutions built on a modern architecture that leverages microservices, today announced the introduction and immediate availability of its OneWorld Instech Rating Service.  The new Rating Service is the latest in a series of microservices-based components the company is bringing to market.

OneWorld’s Rating Service rapidly and consistently provide rates simultaneously from multiple systems, whether for use by agents, carrier personnel, or consumers. All OneWorld microservices offerings, like the new Rating 

Service, are being designed to be compatible with existing carrier environments as well as future blockchain implementations.

The new OneWorld offering is comprised of two components:

  • Rating Service Editor - An administration tool used to define, test, manipulate and maintain rate plans.
  • Rating Service Engine – The heart of the Rating Service Engine is the Rating Canvas where icons can be dragged from the toolbox or from the data window and then connected to easily create a calculation transaction flow.

Highlights of benefits enabled with OneWorld’s Rating Service include:

  • Ability to define, maintain and deploy rating and underwriting rules without the need to write a single line of code;
  • Capability to quickly build and immediately test rate plans and continue to refine through an iterative process;
  • Processing of quotes and policies in seconds; and,
  • Several example rate plans for personal, commercial and specialty lines are available, including the increasingly popular Cyber product.

Commenting on the launch of the Rating Service, Wendy Aarons-Corman, OneWorld’s president, Americas, said, “The Rating Service is the latest commercially available offering in the OneWorld series of microservices-based components.  While it was developed to easily integrate with carriers’ current systems, the Rating Service will be able to stand the test of time as new technologies like blockchain become more widely used in the industry.”

The OneWorld Rating Service component is line of business agnostic.  Specialty niche line of business (LOBs) Rating Services can be quickly tailored to meet the current and future needs of the market, helping OneWorld customers differentiate themselves from their competitors. 

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