Actuary-Manipulable Rating Model System

Abstract

Techniques have been developed whereby an actuary-manipulable rating model may be defined and transformed into executable form using automated techniques. By allowing business users to define, review and revise rating models using familiar methodologies and constructs (such as factor tables) and by providing an automated facility for transformation of the rating model into an efficient executable form, systems and techniques in accordance with some embodiments of the present invention facilitate rapid deployment and update of insurance product offerings.

1 . A method of quoting an insurance product, the method comprising:
 defining an actuary-manipulable representation of a rating model, the actuary-manipulable representation including variables, factor tables and calculation sequences of the rating model;   from the actuary-manipulable representation, preparing an executable representation thereof; and   executing the executable representation to calculate a quote for the insurance product.   
     
     
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