Insurance — Composable Quote & Rating hero

Insurance — Composable Quote & Rating

Modern retailing for insurers: dynamic rules, pricing, capacity, and order integrity — with airline-grade discipline.

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Overview

Insurance is overdue for its “Modern Airline Retailing” moment. In aviation, Offers and Orders broke open legacy channels and unlocked dynamic products with strict integrity and audit. Insurance can mirror that playbook: call it Modern Insurance Retailing (MIR). Replace monolithic Policy Admin/rating bottlenecks with a composable Offer Engine for quoting, a transparent Pricing layer with guardrails, and a Capacity (Stock) Keeper to control exposure in real time.

Today’s gaps are obvious: slow product launches, opaque spreadsheets, rating locked in core PAS, change-board theater, and integrations that take quarters. Tomorrow’s winners will ship new coverages weekly, price on any signal, enforce appetite dynamically, and prove why a premium is what it is — instantly. That’s what our airline-grade stack is built for.

Modern Insurance Retailing analogy — Offers & Orders for insurance
Composable quote flow — intake, eligibility, offer, price, bind
Pricing guardrails and explainability dashboard

High-impact use cases

Usage-based & parametric

Price on IoT/telematics or triggers (e.g., weather) with versioned rules and instant rollout.

Embedded distribution

Offer policies inside partner journeys with context-aware eligibility and pricing.

SME & micro-products

Stand up niche cover in days; experiment safely with guardrails and exposure caps.

Dynamic bundles

Compose add-ons (cyber, equipment breakdown) based on segment, device, or risk score.

Real-time appetite

Throttle quotes by region, class, or channel when portfolio exposure hits limits.

Explainable pricing

Show the “why” behind each premium for underwriting, brokers, and regulators.

How our modules fit

  • Dynamic Validation — intake rules, eligibility, KYC/AML checks, and field-level constraints. Keep bad data out and edge cases contained.
  • Offer Engine — compose the quote: coverages, deductibles, endorsements. Deterministic or ML-assisted, fully versioned.
  • Dynamic Pricing — compute premiums via formulas, GLMs, gradient boosting, or external rating tables with hard guardrails and audit.
  • Stock Keeper — in insurance, this is Capacity Keeper: exposure counters & throttles by time, class, risk tier, or partner.
  • Order Store — Quote/Bind/Issue ledger with tamper-evident trails for compliance and replay.

Flexible pricing, plain English (or code)

// Example rating expression
premium = baseRate(product, region)
        * riskScore(driverAge, violations, telematics)
        * (1 + loadings(catExposure, brokerFee))
        - discounts(loyalty, bundling);

// Guardrails
assert(premium >= floorByClass && premium <= ceilingByRegion);
assert(targetMargin(premium, expectedLoss) >= minMargin);

Reference architecture

Deploy per engine with clean APIs, strong observability, and zero-downtime versioning. Managed or self-hosted — your call.

Insurance — Composable Quote & Rating architecture

Key design choices

  • Offer → Order separation: Quotes are Offers; once bound, Orders are immutable with append-only events (endorsements, cancellations).
  • Rules as code + data: JSON rules with type-safe validators, hot-swappable, A/B testable, fully audited.
  • Pricing plug-ins: drop-in formula engines, GLM/ML runners, or bridge to your actuarial rating tables.
  • Capacity Keeper: atomic counters by segment/time/region; pre-quote checks prevent appetite breaches in real time.
  • Observability: per-quote traces (inputs → decisions → outputs), feature flags, and rollout controls (canary, gradual, kill-switch).
  • Compliance & explainability: every decision comes with reasons, inputs, and version hashes for audit.
  • Performance: airline-grade latency budgets; horizontal scaling; idempotent APIs for safe retries.
Offer to Order lifecycle for insurance
Capacity Keeper exposure dashboard

FAQs

Is there an “airline MAR” equivalent for insurance?
Not formally — but the pattern maps cleanly. Think Modern Insurance Retailing (MIR): decouple quoting (Offers) from policy lifecycle (Orders), make products composable, pricing explainable, and exposure controllable. Same discipline, new domain.

Can we keep our PAS and rating tables?
Yes. Start by fronting your PAS: intake → validation → offer → pricing → bind. We can call existing rating services or run new models side-by-side and compare.

How do you handle regulatory guardrails?
Every price decision carries its inputs, ruleset version, and “why” reasons. Floors/ceilings, fairness checks, and restricted features can be enforced per state/country.

What about capacity/exposure management?
Capacity Keeper maintains counters (e.g., new business in NAICS X, Region Y, Risk Tier Z, per hour/day). Quotes can be throttled or deflected before appetite is breached.

What’s the integration surface?
REST/OpenAPI + SDKs. Webhooks for events (OfferCreated, OfferPriced, OrderBound, CapacityBreached). Optional streaming for analytics.

Performance?
Airline-grade SLOs. Sub-100ms median for pure rule paths; scalable ML paths with caching and warm pools. Idempotent mutation endpoints.

Hosting & data?
Managed or your cloud. PII isolation, encryption, and tamper-evident audit. You own your data; we give you the tools to prove it.

Can we start small?
Yes — pick one product or channel, run Offer Engine + Pricing in shadow, then graduate to production with Capacity Keeper turned on.

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