Rating Engine
Change your pricing in minutes - safely
Build and update rating tables and formulas in a visual editor. Test changes before they go live, roll them out by effective date, and keep a full history - all without a software release.
Reprice in minutes
Change factors and formulas without waiting for a software release.
No costly mistakes
Test changes on real scenarios and roll them out by effective date.
Full rate history
Every rate version is kept, so you can see and defend what changed and when.
Pricing that keeps up with the market
React to loss experience and competition the moment you decide to - no deployment, no developer queue.
It prices the whole product, not just a base rate
The rating engine works on the same model as the product itself, so a price is built from coverages, factors, formulas and charges together rather than bolted on as a spreadsheet at the end.
Motor, property, life, cyber, marine, pet and specialty lines price on one flexible model, with every version kept so you can show a regulator exactly what was charged and when.
What you can price
- Coverages, limits & deductibles
- Multi-dimension factor tables
- Formulas & calculated fields
- Taxes, levies & policy fees
- Commissions & distribution costs
- Effective-dated rate versions
Everything your insurance business needs, in one platform
Visual rating tables
Author multi-dimension factor tables in a spreadsheet-like editor, so the people who own pricing can see and change the numbers directly.
Formula editor
Compose pricing logic in a safe, guided editor with no software deployment, and the platform validates the expression as you build it.
Effective-dated versions
Schedule rate changes by date and keep prior versions intact, so a mid-term policy is still priced by the rates in force when it was written.
Taxes, fees & commissions
Model charges and distribution costs alongside base premium, so the figure you quote is the figure you bill.
Test before you ship
Preview premiums on sample risks before making a change live, and see the impact across the book rather than one example.
Execution logging
Each rating run is logged for transparency and audit.
Up and running, fast
Define your factors
Set up the multi-dimension tables that drive price - territory, age, sum insured, whatever your model uses.
Write the formula
Compose the pricing logic in a safe, guided editor, with the platform checking it as you go.
Test and activate
Preview premiums on real scenarios, then roll the change out by effective date.
React to a loss trend in cyber
Claims are rising in one cyber segment and pricing needs to move this week.
Adjust the factor
The pricing lead edits the industry-risk factor table in the configurator, without raising a change request.
Preview the impact
They preview premiums across sample risks to confirm the effect before anything reaches a customer.
Activate by date
The new rates go live from the chosen effective date; the prior version is retained for anything already written.
Illustrative example built on Openkoda's demo products.
Rating Engine Built for Your Team
Pricing actuaries, product managers and underwriters who need pricing to move at the speed of the market. If your rate changes currently wait on a development queue, or your real pricing logic lives in a spreadsheet nobody wants to touch, this puts the model back in the hands of the people who own it - with testing and version history behind every change.
Questions, answered
Do we need engineers to change rates?
Can we schedule a rate change for a future date?
Is there a record of pricing changes?
Can we model taxes, fees and commissions?
Which lines of business can it price?
See Openkoda in your context
Book a live, personalized demo with our product team - tell us your use case and see the platform work with your data. No commitment.