R8 is an insurance rating system capable of being consumed as a web service that can be seamlessly integrated into existing insurance software solutions. Additionally, as an alternative to the web service interface, R8 can be provided through its stand-alone web-based graphical user interface (GUI) or optionally can be more directly integrated into existing software solutions.
R8’s core engine is common to all interfaces regardless of the interface method utilized. By simply providing the requisite information needed to rate an insurance risk in a pre-defined format, R8 will automatically determine the rates, factors, discounts, and formulas required, perform needed calculations, and instantaneously respond with final rate results. Additionally, information supporting the derivation of the rate accompanies the results, and it’s all provided in an organized format that can be utilized by the caller for the purpose of generating supporting rate documentation.
R8 also offers a robust management interface for pre-designated authorized users. This optional interface allows properly credentialed users to view and administer rates, accept or reject published changes to rates and algorithms, and alter rates and formulas as needed to support their business processes. The interface is direct and easy-to-use, presented in a straightforward and organized manner. Users can edit even the most complex of algorithms using familiar mathematical operators in a step-by-step fashion, while capturing and tracking versioning information of all committed changes to ensure proper application of the most appropriate sets of rates and formulas for each R8 submission. With R8, users can enjoy convenience and confidence in processing their rating engine’s results.
to learn more about R8 and how it may work for your business requirements.