RAAS: Rating Worksheet vs Advanced Rating Worksheets
Prerequisites include:
- Setting up a RaaS Product
- Adding a Rating Event
Advanced Rating Worksheets are exclusive to RaaS. They break down the Verisk rating process, showing step by step calculations that take you through the Verisk rating algorithm. This can be useful for confirming LCM overrides, reviewing specific rating characteristics or ISO rating factors, and viewing the base RaaS premium by coverage (i.e. premium excluding any applicable post RaaS deviations).
Each time you run a quote, a new version of the rating worksheet is automatically generated. This worksheet is unique to the quote and is driven by the data collected during policy intake. To review a rating worksheet:
- Select the Quote
Navigate to the customer page and select the quote you wish to review. (Note: You can choose any quote from the list, not just the most recent one. You can always return to previous quotes and review their corresponding rating worksheets. Any data associated with an individual quote is immutable.)
- Open the Quote Details
Click on the specific quote you wish to review. A pop-up window will appear with quote details. These details may include items such as policy limits, deductibles, and premiums by coverage, and are entirely configurable to fit your specific business needs.
In the example below, this product has only been configured to show overall annual premium ($5,080.00) within the quote details window.
- Access the Rating Worksheet
In the upper right corner of this window, click on the ‘Worksheet’ button, and from the drop-down menu, select ‘Advanced Worksheet’
A new tab will automatically open with a collapsed view of the Advanced Rating Worksheet. From here, you can dig into the ISO rating components of each individual coverage.
In the below screenshot, we can see that the overall annual premium of $5,080 is made up of $1,080 Business Personal Property, $3,900 Building, and $100 Medical.
Click on any of the individual coverages (highlighted in dark blue) to expand the corresponding field and review the full ISO calculation. In the below example, you can see the complete breakdown of ISO rating factors used, the selected limits, amount of insurance, state codes, and several other rating variables that led to the overall BPP premium of $1,080.
When using the Advanced Rating Worksheet, there are several options available which allow you to adjust how the data is displayed. At the top of the screen, you’ll see a ribbon with four options: Rating Values, Verbose Mode, Display Full QID, and Expand All.
- Rating Values
Default setting, giving users the ability to select the level of detail they wish to review
- Verbose Mode
Automatically expands all sections, displaying full policy and rating details. This includes input data, coverage selections (both applicable and inapplicable), and step-by-step rating calculations.
- Display Full QID
Displays full QIDs, which can be used to reference specific rating factors or output premiums.
- Expand All
Expands all sections, for all coverages and breaks down the step-by-step calculation