There are 2 approaches for incorporating RaaS deviations: overwriting RaaS lookup values and post RaaS deviations via spreadsheet rating.
Begin by navigating to the Events & Actions tab. If you have not yet added a rating action to your product, please refer to this article. Otherwise, follow the instructions below based on the desired deviation.
Pre RaaS Deviations
Pre-RaaS deviations enable you to use company specific, proprietary rates within the standard Verisk rating algorithm. A common example of this would be Loss Cost Multipliers (LCMs), which are often adjusted by companies based on their own unique claims cost expectations. By configuring pre-RaaS deviations, these tailored factors are transmitted to Verisk, where they are used within the standard Verisk rating algorithm to calculate final policy premium.
1. Managing RaaS Lookup Values and Overrides
From your product, navigate to Events & Actions -> Event Group -> Quoting/Rating Action -> Quote Requested -> Verisk RaaS with Advanced Adjustments, then click on ‘Manage lookup values.’
A window will appear with a list of rating variable names (on the left) and rating tables (on the right), similar to the screenshot below. You can use this to review Verisk-specific rates and rating tables.
Type ‘LCM’ in the search bar located in the upper left hand corner, and select your line of business.
Verisk defaults all LCM’s to 1. To overwrite this, click on the blue ‘Override Values’ button in the upper, right hand corner. This will enable you to overwrite the pre-existing value.
Below is an example where the BOP LCM has been overwritten to 1.50. In doing so, Verisk will now directly incorporate the new LCM of 1.50 in their rating algorithm when performing any future rating action. To save your changes, click on ‘apply and close,’ then save your event group.
2. Pre RaaS Table Overrides
In the event that there are multiple rates being overwritten in a single table, you can do this via the import/export buttons in the top right of the window. Navigate to the specific table, export the table to excel, overwrite the values in excel, then import the updated table back into the system to be used for rating.
Once all changes have been made, hit ‘Apply and Close’ in the upper right hand corner of the window.
Make sure to save your rate changes to the product by clicking the green ‘Save Event Group’ button in the bottom right hand corner of the screen.
3. Tracking Changes and Overwritten Tables
Using the same example: Under Events & Actions, Quoting/Rating Action, RaaS with Advanced Adjustments, where you would click on ‘Manage lookup values,’ it will now indicate that 1 table has been overwritten.
Select ‘Manage lookup values,’ and now, any tables with overwritten values will be distinguished by a red indicator, as shown below.
Finally, click the grey box (to the right of the search bar) and select ‘Changes Only’ from the drop down. This will show only those tables for which values have been overwritten. We have only overwritten one item, so only BOP LCM is shown below.
Post RaaS Deviations
Post-RaaS deviations enable the application of company-specific, proprietary rating factors not covered by standard ISO rates. Common examples of these are coverage tiering, multi-policy discounts, or third-party integrations such as Lexis Nexis. These factors are applied once the standard Verisk rating process has completed, adjusting the final RaaS premium to account for company deviations (via multiplicative or additive factors).
1. Enabling Post RaaS Spreadsheet Rating
To enable spreadsheet rating, navigate to Events & Actions -> Event Group -> Quoting/Rating Action -> Quote Requested -> Verisk RaaS with Advanced Adjustments, and toggle on ‘Post-RaaS Deviations.’
2. Setting Up Post RaaS Rating Spreadsheets
When setting up your spreadsheet, it is suggested that you begin with separate tabs for inputs, outputs, and rating tables.
Inputs
Includes data such as exposures, factors, premiums, limits, and deductibles, which come directly from the system and collected during policy intake.
Outputs
Includes revised and/or new premiums, limits, deductibles, etc. that will eventually be fed back into the Dais system.
Rating Tables
Used to support the application of company-specific rating factors in premium calculations.
Input data is used as the lookup value for these tables, and adjusted premium is calculated in the output tab.
If you are interested in testing post RaaS deviations on your own, please feel free to reach out to support@dais.com for a Post RaaS Deviation Template to get started.