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Calculating opportunity value prioritization in Pega Underwriting for Commercial Insurance
Opportunities are submissions that account owners and underwriters are responsible for completing, but could be assigned to another individual or work queue for various reasons. Opportunity value helps account owners and underwriters determine the best opportunities to pursue.
In Pega Underwriting for Commercial Insurance, multiple variables are compared and weighted in an algorithm that calculates a value score for the opportunity. Calculating opportunity value helps insurance industry professionals modify their business strategies accordingly.
Calculating the opportunity prioritization algorithm
Opportunity prioritization value is calculated based on the agent tier, account value, product/LOB, customer annual revenue, effective date, and premium amount input values. The rate associated with each input value is displayed in the following table:
| Data element | Weight | Input value | Rates associated with input values |
|---|---|---|---|
| Annual Revenue | 20% | $0 to $1,000,000 | 1 |
| $1,000,001 to $10,000,000 | 2 | ||
| $10,000,001 to $20,000,000 | 3 | ||
| $20,000,001 and above | 4 | ||
| Agent Tier | 20% | Platinum | 3 |
| Gold | 2 | ||
| Silver | 1 | ||
| Account Value | 10% | ||
| Product | 10% | Commercial Property | 2 |
| Commercial Package | 3 | ||
| General Liability | 1 | ||
| Commercial Auto | 1 | ||
| MN Commercial Property | 4 | ||
| Effective Date | 20% | 5 months or more | 1 |
| 3 months to 5 months | 2 | ||
| 2 months to 3 months | 3 | ||
| 2 months or less | 4 | ||
| Premium Amount | 20% | $0 to $20,000 | 1 |
| $20,001 to $50,000 | 2 | ||
| $50,001 to $100,000 | 3 | ||
| $100,001 and higher | 4 |
A sample of how the final value is calculated is displayed in the following table:
| Data element | Weight | Value | Score | Weighted Value |
|---|---|---|---|---|
| Annual Revenue | 20% | $46,500,000 | 3 | 0.6 |
| Account Value | 10% | 5 | 5 | 0.5 |
| Agent Tier | 20% | Platinum | 3 | 0.6 |
| Product | 10% | Commercial Property | 2 | 0.2 |
| Effective Date | 20% | 6 months future | 1 | 0.2 |
| Premium Amount | 20% | $70,000 | 3 | 0.6 |
| Total Weighted Value | 2.7 | |||
Technical implementation
The following table describes the rules that support the opportunity value calculation:
| Rule name | Rule type | Class | Remarks |
|---|---|---|---|
| MyOpportunitiesHarness | Section | Used to display the My Opportunities table | |
| MyOpportunitiesHarness | Section | Data-Portal | Used to display the My Opportunities table |
| CollectApplicationDetails | Flow | PegaIns-Data-Application- Comm-GL | Used to set premium value and call Interaction |
| CollectApplicationDetails | Flow | PegaIns-Data-Application- Comm-Property | Used to set premium value and call Interaction |
| GetPolicyEffectiveDate | Flow | PegaIns-PAB-Work-Submission | Used to call strategy |
| IntakeAgent | Flow | PegaIns-PAB-Work-Submission | Used to define source values to algorithm |
| SetScoreValue | Activity | PegaIns-Data-Application | Activity to set source values |
| SetInitialScore | Activity | PegaIns-PAB-Work-Submission | Activity to set source values |
| ValidatePolicyDate | Activity | PegaIns-PAB-Work-Submission | To set difference in months value |
| GetAccountOwnerOpportunities | Report Definition | PegaIns-PAB-PC-CL-Work | Used to source the column values in “My Opportunities” |
| DefineInteraction | Interaction | PegaIns-PAB-Work-Submission | Used to run interaction |
| DefineScore | Scorecard | PegaIns-SR | Used to get the score value |
| DefineStrategy | Strategy | PegaIns-PAB-Work-Submission | Used to define strategy |
| MyOpportunitiesHarness | Section | Data-Portal | Used to display the My Opportunities table |
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