Using timestamped matrices to introduce future-dated pricing changes

SetupRating Matrix

A timestamped matrix is quite simply a group of rating factors for an insurer that become effective on a certain date. This guide will walk you through how to upgrade an existing matrix to use timestamped values and how to add new values.

Upgrading to a timestamped matrix

To use timestamped matrices, you must firstly be using the Premium Matrix Panel rather than the Premium Matrix. You can tell if you are using the Premium Matrix Panel as the setting label in the Quote Setup will be named as such, and upon editing will take you to a screen titled “Edit Scheme Insurer List”. We’ll be upgrading all schemes to the panel in due course, in the meantime please contact us via the support desk if you wish to be upgraded sooner.

Any new insurers you add to the system will automatically use timestamped matrices without needing to upgrade each one individually.

The new feature is enabled on a per-insurer basis, so we recommend you run through one insurer at a time to familiarize yourself with the process. Before continuing, we strongly recommend that you back-up the rating factors for the insurer you wish to upgrade. You can do this using the Export feature on the Edit Grouped Rating Factors screen.

When an insurer is available to upgrade you will see a notice on the Edit Scheme Insurer screen with a Upgrade Now button. When you click this button the system will automatically convert your existing rating factors into a timestamped matrix, with an effective date of 1st Jan 2018. After the upgrade is complete you will need to Save to BETA to complete the operation.

Creating a future dated change to the matrix

To make changes to your pricing you first need to create a new rating matrix. To do this simply open the Timestamped Matrices Editor in the insurer window, highlight the most recent matrix and click Duplicate – this will duplicate the factors from the previous matrix without needing to reenter them, so you can make any necessary rate changes easily.

If you intend to use guaranteed rates, it’s recommended that the effective date for new rates is after the latest available start date for your scheme. For example, if you allow cover start dates 30 days in the future, your effective date for new matrices should be at least 31 days in the future. It’s also recommended that you do not edit a matrix with an effective date less than the cover start date range.

The system will automatically detect which matrix to use based on the requested start date for the quote. This start date is compared against the effective date on the matrix, and the system picks the matrix which is effective closest to, but before, the start date. Given that start dates do not capture a time, you can only create a maximum of one effective matrix per day.