Rating.
OpenInsure uses a deterministic rating engine. Premiums are calculated by passing a submission through a series of factor chains.
Factor Chains
A factor chain is a sequence of mathematical operations. Each step in the chain can be audited, providing full transparency into how a final premium was derived.
External Rating
You can also integrate external rating engines via webhooks. When a submission is created, OpenInsure can "call out" to your legacy system to retrieve a rate.
Rating Response Example
{
"base_premium": 1000.00,
"factors": [
{ "key": "state_tax", "value": 1.05, "desc": "Texas Premium Tax" },
{ "key": "safety_credit", "value": 0.90, "desc": "Telematics Discount" }
],
"total_premium": 945.00
}