Insurance Pricing from Telematics
Get a fairer insurance price with this Decision Flow based on a driver's telematics score.
DecisionRules
About the example:
This Decision Flow automates personalized insurance premium calculations by scoring real-time driving behavior against predefined business rules.
Solution components:
- Global Variables establish the foundational business parameters for the entire calculation, defining the limits, base prices and maximum score for each insurance tier.
- a Decision Table named Dynamic Scoring for Insurance analyzes a driver's telematics data (e.g., night driving, mileage..). It compares these behaviors against predefined limits to generate specific score impacts and explanatory comments for each noteworthy event.
- a Decision Table named Pricing Template takes the driver's final aggregated score as input. Based on the score, it determines the available insurance tiers and the corresponding price adjustment factor for each tier.
- a Decision Flow orchestrates these two Decision tables: passes the driver's telematics data to the Dynamic Scoring table to collect all relevant score impacts and comments. Then aggregates these individual impacts to calculate the final applicant score. This final score is used as input for the Pricing Template table to identify all eligible insurance tiers and their specific pricing factors.
Use this Decision Flow, adjust it to match your needs and simply call from your transaction processing system using a REST API
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