Set Up the Product Rating Simulator

To set up a product rating simulator, complete an analysis, set up a rating procedure, and then map the rating procedure to the product model.

• Create Rating Procedures for Insurance Products

  Before you start plugging rating information into rating procedures, analyze your existing rating system and the steps involved in pricing insurance products. Then translate these steps into lookup tables, expression sets, and Integration Procedures.

• Map Ratings to Product Specs

  After you configure rating procedures, map ratings to your product specs. Complete this task for all your product specs, including insured item specs, insured party specs, and root product specs. OmniScripts and other components use services that read the mappings and formulas, and then return premium prices to your users.