Challenging 5 Misconceptions about Rulebook

Trust and accountability are cornerstones of the (re)insurance industry and this is no less true within the distribution chain. Maintaining an accurate audit trail and real-time oversight of transactions has become a priority for carriers and brokers alike. Verisk’s Rulebook, a dynamic pricing rules engine, has been designed to meet those compliance and efficiency needs by offering an alternative to traditional spreadsheets.

Rulebook empowers underwriting and actuarial teams to price risks more accurately and distribute products quickly and efficiently from their desktops. However, despite its capabilities and proven track record with users, some misconceptions about the solution persist. We would like to address these misunderstandings and explore the potential of this versatile tool.

Rulebook is built as an API-first tool, meaning that it is designed to integrate seamlessly with other Verisk products and with any other API-enabled tools that exist in your current workflow. It supports both one-way and two-way API integration, remaining flexible enough to adjust to your ways of working and existing processes.

Although Rulebook models themselves are not written using Python language, the tool can seamlessly integrate with existing models that are. As a comprehensive solution, it can wrap around existing pricing models and deliver those benefits that go beyond modeling. We believe in the importance of balancing the accessibility and user-friendliness of open-source code with the ability to have ownership and control over the change process. Given its popularity in the market, we are also working on developing some of our models in Python starting in 2025, with a strong focus on safety and security.

As with any fully configurable tool, speed-to-market depends on what users are trying to do. Rulebook provides a range of possibilities from quick off-the-shelf patterns to bespoke workflows that require some development, for which Verisk can provide guidance and support. If fast delivery is a priority for your company, we can help you identify which features are essential and which are nice to have. As an example, Rulebook is also available as a ‘Rating as a Service’ (RaaS) solution, which enables carriers to move quickly with new products on a line of business or departmental basis instead of company-wide.

Our teams can ensure that your implementation is both swift and efficient, leveraging their expertise to meet your specific needs and timelines.

On the contrary, due to its extensive data analytics and reporting functionalities Rulebook is able to support portfolio management. The tool captures a wealth of data at every step, from submission to quoting to binding. This data can be used to design automated reports and create alerts, ultimately extracting value from the information collected. Rulebook enables all parties in the distribution chain to capture, analyse and act on this high quality structured data.

Rulebook is capable of embracing pricing models across all major classes of business, and can manage both simple and complex cases. Layer stacking allows it to handle even the most sophisticated pricing rule sets, making placement easier and promoting the design of better and more responsive products, which can be changed according to market conditions.

Hopefully, we were able to provide a clearer understanding of Rulebook’s capabilities and potential benefits. We invite you to experience it firsthand by booking a demo with our teams.