The author misses on the biggest challenge to pricing – regulators. At my company, using Excel-based processes, we accurately design, test, and implement rate changes in a matter of days. Our processes work and are reliable. Sure, a pricing engine hooked directly to our policy processing system would add some improvements. But what the author fails to discuss is that the delays and challenges in Pricing are primarily related to antiquated regulatory systems in some of the largest markets. California is finally making strides with improving speed to market but our last filing still took 9 months to be approved. 9 months! WA, NY, NJ and a few others are not much better.
Most of these features are already built into PL core policy management systems. If you’re in a less complex LOB and you’re quote to bind timeline takes weeks because of process/system constraints, you likely have bigger IT or organizational fish to fry than scrapping Excel for a pricing specific platform.
Not seeing the benefit outweighing higher IT spend.
The author misses on the biggest challenge to pricing – regulators. At my company, using Excel-based processes, we accurately design, test, and implement rate changes in a matter of days. Our processes work and are reliable. Sure, a pricing engine hooked directly to our policy processing system would add some improvements. But what the author fails to discuss is that the delays and challenges in Pricing are primarily related to antiquated regulatory systems in some of the largest markets. California is finally making strides with improving speed to market but our last filing still took 9 months to be approved. 9 months! WA, NY, NJ and a few others are not much better.
Most of these features are already built into PL core policy management systems. If you’re in a less complex LOB and you’re quote to bind timeline takes weeks because of process/system constraints, you likely have bigger IT or organizational fish to fry than scrapping Excel for a pricing specific platform.
Not seeing the benefit outweighing higher IT spend.