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Calculating opportunity value prioritization in Pega Underwriting for Commercial Insurance

Suggest edit Updated on September 13, 2021

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 elementWeightInput valueRates associated with input values
Annual Revenue20%$0 to $1,000,0001
$1,000,001 to $10,000,0002
$10,000,001 to $20,000,0003
$20,000,001 and above4
Agent Tier20%Platinum3
Gold2
Silver1
Account Value10%  
Product10%Commercial Property2
Commercial Package3
General Liability1
Commercial Auto1
MN Commercial Property4
Effective Date20%5 months or more1
3 months to 5 months2
2 months to 3 months3
2 months or less4
Premium Amount20%$0 to $20,0001
$20,001 to $50,0002
$50,001 to $100,0003
$100,001 and higher4

A sample of how the final value is calculated is displayed in the following table:

Data elementWeightValueScoreWeighted Value
Annual Revenue20%$46,500,00030.6
Account Value10%550.5
Agent Tier20%Platinum30.6
Product10%Commercial Property20.2
Effective Date20%6 months future10.2
Premium Amount20%$70,00030.6
Total Weighted Value2.7

Technical implementation

The following table describes the rules that support the opportunity value calculation:

Rule nameRule typeClassRemarks
MyOpportunitiesHarnessSection Used to display the My Opportunities table
MyOpportunitiesHarnessSectionData-PortalUsed to display the My Opportunities table
CollectApplicationDetailsFlowPegaIns-Data-Application- Comm-GLUsed to set premium value and call Interaction
CollectApplicationDetailsFlowPegaIns-Data-Application- Comm-PropertyUsed to set premium value and call Interaction
GetPolicyEffectiveDateFlowPegaIns-PAB-Work-SubmissionUsed to call strategy
IntakeAgentFlowPegaIns-PAB-Work-SubmissionUsed to define source values to algorithm
SetScoreValueActivityPegaIns-Data-ApplicationActivity to set source values
SetInitialScoreActivityPegaIns-PAB-Work-SubmissionActivity to set source values
ValidatePolicyDateActivityPegaIns-PAB-Work-SubmissionTo set difference in months value
GetAccountOwnerOpportunitiesReport DefinitionPegaIns-PAB-PC-CL-WorkUsed to source the column values in “My Opportunities”
DefineInteractionInteractionPegaIns-PAB-Work-SubmissionUsed to run interaction
DefineScoreScorecardPegaIns-SRUsed to get the score value
DefineStrategyStrategyPegaIns-PAB-Work-SubmissionUsed to define strategy
MyOpportunitiesHarnessSectionData-PortalUsed to display the My Opportunities table

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Tags

Pega Underwriting for Insurance 7.4 - 8.3 Pega Underwriting for Insurance System Architect Lead System Architect Business Architect User Experience Designer Project Manager System Administrator Low-Code App Development Insurance
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