Any ideas on how to Program an Insurance Rating Engine

Question

I am a Python programmer tasked with creating a rating engine to integrate with an Insurance Agency CRM. Would you happen to have any ideas on where to go to build such a tool?

Answer 1

Is this real life or a school project? If it's real life you should probably start by meeting with the actuaries who currently own the rating methodology and work to convert the models they use today.

Answer 2

Step one is tell your project manager that you need some budget to bring an actuary onto the project

Answer 3

Probably cheaper to get a competitive rater like insurequote. But if you HAVE to do it yourself:
- start with a rate manual: you can get these on SERFF.
- create all rating tables as pandas data frame
- using whatever way you prefer, join your book with each rating table on the appropriate attribute.
- multiply all the tables together

It is a lot, and I mean a LOT more complicated than that, but that’s the main idea.

Answer 4

This exists already. We call it a multirater. Likely much easier and cheaper to buy the service than to build and maintain it yourself