02 — Capability · BC-1740.10
Insurance Product & Rating
Bring insurance products to market with clear coverage, defensible rates and approved wording, and change them safely when experience or regulation calls for it. Pricing strategy for non-insurance offers sits in the cross-industry pricing capability.
- Product Development for Insurance
- Rating & Product Configuration
- Insurance Product Factory
In scope
- Coverage, limit, deductible and rider design
- Rating plans, rate tables and rating factors
- Policy form and wording libraries
- Rate and form filings with insurance regulators
Out of scope
- Pricing strategy and price lists for non-insurance offers (see BC-470)
- Product portfolio strategy across the whole enterprise (see BC-510)
Realized by · 0
- No product in the catalog yet.
Used in · 2
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 4
- BC-1740.10.10Insurance Coverage & BenefitsDefine what a product covers, excludes and pays, including limits, deductibles, riders and benefit options, so underwriters and claims handlers read the same promise.
- BC-1740.10.20Rating Plans & Rate TablesMaintain the rating factors, base rates and algorithms that turn a risk's characteristics into a premium, with every version dated and traceable.
- BC-1740.10.30Policy Form & Wording LibraryKeep the approved policy forms, clauses and endorsements for each product and jurisdiction, and control which version is used on which policy.
- BC-1740.10.40Product Regulatory ApprovalPrepare and track the filings or notifications that let a product, rate or form be used in a jurisdiction, and hold each change until its approval is in place.