When you think about Oracle Insbridge, the first word that should come to mind is rating. It's kind of hard to avoid considering the word is part of the full title of the product - Oracle Insurance Insbridge Enterprise Rating. Insbridge is very good at rating and it's certainly the focus of the product. What about rules though?
Not too long ago, Insbridge was called Insbridge Rating and Underwriting (or IBRU). Despite the name change, Insbridge still has the ability to execute and maintain underwriting rules just as efficiently as rating.
What does a rule look like in Insbridge?
Let's consider a very simple example and the different components we'll need to build in Insbridge to handle the logic:
IF the number of claims on a policy exceeds a certain amount, THEN return a message and stop rating.
Field Variable (or Input)
In order to determine the number of claims on the policy, we need an input that represents a claim. In this case, we'll use a Claim ID but it can be any piece of data that you capture on every claim.
Now that we have an input coming into Insbridge, we can count the number of instances of that input using a Calculated Variable. This can be done in just a single step.
Using a Table Variable, we can check the acceptable number of claims on the policy. It's a good idea to use a table because they are much easier to update if/when the acceptance criteria changes.
In this example, we're going to assume less than or equal to 3 claims is considered acceptable.
Message Templates are used to build messages on the fly based on policy data. The [?] placeholder will be the Number of Claims calculated variable, which can vary by policy.
An Underwriting Algorithm is used to set our message and also stop rating. This a great option if you want to combine your rules and rating as part of a single workflow.
Using Insbridge's Debug Report, we can easily see how these components are executed on a policy with 4 claims:
With the "IF [condition] THEN [action]" nature of rules and the functionality available in Oracle Insbridge, it's a very natural fit for customers to use Insbridge as their rules engine. There are plenty of options in Insbridge that makes it easy to evaluate data and act on it. Perhaps more importantly than just the execution of rules, Insbridge's ability to make and deploy changes quickly is also a pretty big selling point when you're evaluating whether to implement rules in Insbridge. Here at Second Phase, we encourage you to look at Insbridge as not just a rating engine.
Feel free to reach out to us in the comments below, or at firstname.lastname@example.org, if you'd like to learn more about implementing rules in Oracle Insbridge!