Quotes and Illustrations
STEP product configuration allows for premium rates to be configured for each component of the product at the plan component level. Rates can be set up for Age Banded, Risk Class, Smoking/ Non-Smoking, Gender and State-based variations or combination of each of these classifications. A standard rate import mechanism is provided as part of the product configuration to upload carrier based premium rates during product setup. The rates can be factor or absolute rates and STEP import can be configured to automatically compute the rates based on rules for the product. Premium modal factors can be configured to compute the modal premiums. These premium rate quotes are computed as part of the coverage selections and presented to the applicant during the new business process flow. The premium rate quote when combined with the risk assessment engine, presents the most accurate rate quote an applicant will be offered prior to the final underwriting decision. A quote history is maintained as part of the application process and quotes generated during the process are maintained in record for the case.
STEP also generates simple illustrations for all products as part of the standardized reports integrated with the product templates. In addition, using the portal and web-services framework within STEP, any external commercial illustration software can be integrated within STEP to present the illustrations to agents or applicants.