Method and system to implement complex pricing rules
First Claim
1. A system for making calculations, said system comprising:
- A business specification that provides commands in accordance with selected definitions, assumptions and business rules;
A family of blueprints for implementing calculations, each blueprint of said blueprint family including rating documents that precisely specify formulas, and a rate loader document that specifies how rates and factors are to be loaded during the calculations, said blueprint being responsive to business specification commands to provide a blueprint signal; and
A core engine that is responsive to blueprint signals and that is also responsive to operator command signals and to acquired data to provide a calculation output signal.
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Accused Products
Abstract
A method and system for specification and execution of complex pricing calculations for the insurance industry using a declarative approach to specify and execute the rules. Pricing Illustrator/Configuration is a unique combination of a process and system that defines, tests and implements complex business computations such as premium computations for the insurance sector. The invention provides a repeatable and well-defined process for specification, design and implementation of the rules and a flexible, rule based calculation/pricing engine that implements the rules defined without any programming. Using the concept of declarative rules, Microsoft Excel as the design time tool to specify the rules and execute the spreadsheet at runtime to compute the premium, the invention defines, tests and refines the rules in relation to a business need.
57 Citations
18 Claims
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1. A system for making calculations, said system comprising:
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A business specification that provides commands in accordance with selected definitions, assumptions and business rules;
A family of blueprints for implementing calculations, each blueprint of said blueprint family including rating documents that precisely specify formulas, and a rate loader document that specifies how rates and factors are to be loaded during the calculations, said blueprint being responsive to business specification commands to provide a blueprint signal; and
A core engine that is responsive to blueprint signals and that is also responsive to operator command signals and to acquired data to provide a calculation output signal. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A process of performing calculations in a core engine, said process comprising the steps of:
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Developing business specifications that define the terms, assumption and rules that express the steps for making a calculation;
Creating a family of blueprints, each of said blueprints corresponding to a selected one of the developed business specifications, each of said blueprints respectively including rating sheets that define the calculations as formulas and also respectively including a rate loader specification that specifies how rates and factors are acquired during the calculations in the core engine;
Providing an initiation signal to the core engine to cause the core engine to begin calculations;
Inputting the data from a selected blueprint into the core engine to determine the particular rating sheet and rate factors corresponding to the selected blueprint;
Acquiring data in the rate loader in accordance with the blueprint instructions;
Performing the computations in the core engine in response to data acquired by the rate loader; and
Providing an output command in accordance with the completed computations. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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Specification