Policy lifecycle
Rating that follows the policy, not just the quote
Most raters stop at the quote. SelectRate rates every transaction after the bind on the same program and versions the policy was written on, and keeps each one in a single ledger with its worksheet. Billing and documents stay in your systems.
One policy term, one ledger
Bind creates the policy term. Every transaction after it is recorded in one ledger, with its calculation and worksheet, and accepted entries never change. The policy always shows its current premium and status.
Creates the policy term and its ledger.
Additional or return premium, pro rata.
Return and earned premium, previewed first.
An exact reversal of the cancellation.
Seeded from the current policy.
Endorsements, priced from what is actually in force
An endorsement starts from the policy as it stands today and is rated on the same program and rating versions the policy was written on. Before accepting, the underwriter sees the old and new premium and the additional or return premium, with the worksheets behind them.
Cancellation: preview, then confirm
Review the return and earned premium before anything is confirmed. Cancellation is pro rata, and any factor override carries a stated reason and is recorded.
Reinstatement: an exact reversal
A cancelled policy is reinstated on its cancellation date, restoring the premium exactly as it was.
Renewal, seeded from the current state
A renewal starts from the policy as it stands after every endorsement, rates on the new term's content and is bound under a new policy number, linked to the term before it. On claims-made general liability, the retroactive date carries forward unchanged.
Find any policy
Search by policy number, insured, status, carrier, program, line of business or dates. ISO and AAIS policies sit in one place, whether they were written in Workbench or through the API.
In Workbench, or from your own system
Underwriters run every transaction in Underwriter Workbench. Your own systems can run the same transactions through the Rating API, and developers can try the full lifecycle in the sandbox before writing code.
Documents after the bind
Rating the transaction is one part of issuing the policy. SelectDocs produces the policy document package from the same policy data, determines the forms that apply and asks only for information that is still needed. It is available for supported AAIS products and jurisdictions.
Where SelectRate stops
SelectRate rates and records policy transactions. It holds the bound policy term, its current rated state and a ledger of every transaction, each with its calculation and worksheet. It is not a policy administration or accounting system: billing, invoicing, commissions and accounting stay in the systems you already run.
Cancellation is pro rata in this release. Short-rate and minimum-earned cancellation, reinstatement after a lapse, and rewrite or extension transactions are not included. The full list is in the API documentation.
Common questions
Does an endorsement use today's rates?
No. It rates on the versions the policy was written on. The endorsement date only drives the proration.
Can we override the cancellation factor?
Yes, with a stated reason. The override is recorded with who made it and when.
Does SelectRate bill the endorsement premium?
No. SelectRate calculates and records it. Billing, invoicing, commissions and accounting stay in your systems.
Can our policy system drive the lifecycle through the API?
Yes. Every transaction is available through the Rating API, and the ledger can be read back at any time.
Which lines does it cover?
Lifecycle rating is a platform capability rather than a per line rebuild, so it reaches a line through configuration rather than through a release. It rates across the policy term on ISO General Liability, ISO Commercial Property and the AAIS Commercial Output Program, and new business and renewal on Equipment Dealers and Accounts Receivable. Each line page states its own scope, and we will confirm the position for the products in your program.
Bring a policy and change it on the call.
We will bind a program you write, endorse, cancel, reinstate and renew it, and you will read the ledger it leaves behind.