iPrice extends the quote process, making the premium $ amount generated in the quote only the first step in the overall quoting process. The solution then inverts the process, putting the power into the hands of the customer to define the $ amount that the customer can pay. Based on the $$ amount provided by the customer, the iPrice solution recalculates the coverage limits to align with the premium dollar amount, subject to the state mandated minimum coverages and limits. The customer can slide through the min and max premium dollar amounts and see the coverages and limits available – the solution dynamically reworks the coverages and limits based on the premium amount selected. The iPrice solution thus enables the customer to choose an optimal mix of coverage limits at an affordable price point.
HCL’s iPrice extends the rating process beyond the traditional input, process and output construct that is typical of any rating engine.