One method to develop premium within the IOI is the use of an Excel rater. Rating spreadsheets are usually complex products, with significant use of lookup tables and other matrices. The IOI supports multiple excel functions for creating your own rating. There are also some functions that are unsupported.
Requirements Needed to Return a Rate from an Excel
In order to return a rate from an excel sheet, the following format is required:
INPUT Tab: Examples of information - demographics, Home Insurance information, deductibles
OUTPUT Tab: Examples of information - premium, premium by coverage, etc.
Once your rating sheet has been created, questions can be linked from the spreadsheet, and a quoting event set up within the product will generate rates based on the answers provided to your questions.
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