Insurance Company Rating

System developed by the U.S firm A. M. Best & Company to rate life, general (non-life), and reinsurance companies on the basis of their strength and weaknesses. These are: A++ or A+ (Superior), A or A- (Excellent), B++ or B (Very good), B or B- (Fair), C++ or C (Marginal), C or C- (Weak), D (Poor), E (Under regulatory supervision), D (In liquidation), S (Rating suspended). An insurance company must have the rating of B+ or better to indicate that it is secure in four critical areas: (1) underwriting, (2) expense control, (3) reserve adequacy, and (4) investments. Also called Best's rating.

Oceansides rating engine is both sophisticated and easy to use. Business users can quickly and cost-effectively create, update and modify your rates, rate drivers, and rating rules. Customize your own rates, and plan rates in advance, testing your planned rates against existing book of business, and evaluating underwriter rates against suggested rates. Insurance Rating System Functionality: Bridges intuitive, built-in insurance rating engine enables:

Variable underwriting and rating rules based on any combination of risk and policy information Calculation of all premiums by coverage using any combination of flat amounts, rates, multipliers, modifiers, factors, discounts, surcharges and minimums Tracking and validation of variance from standard or guideline rates Specific currency and rounding rules Calculation of all taxes or other applicable fees Plug-in integration to ISO rates or other external insurance rating engines Review of rating workbook and details for any quote or policy in the system

Please contact us to find out how Oceansides insurance software empowers business users to quickly and cost-effectively create, update and modify your rates, rate drivers, and rating rules.