Usage Car Insurance

How we built the usage car insurance model in Swallow

Input

Define what information we need to collect to power our model

The properties from the customer (postcode, vehicle registration)
The internal properties (commissions, taxes)

Transform

Normalise customer inputted properties

Remove spaces and capitalise for postcode and vehicle registration (i.e. wo13 bhz -> WO13BHZ)
Create a new property for the postcode area (i.e. SW1A1AA -> SW)

Integrate api

Use the transformed vehicle registration to hit an external API

This API returns interpolated mileage if their vehicle is over 3 years old by using MOT data
This API returns extra information about the vehicle (make, model, fuel type, registration date, etc)

Data Set

Use the transformed postcode to enrich from a larger dataset

This large data set returns new properties like a rural/urban rating, a crime index and demographic data

EXCLUSIONS

Create rules around which quotes we will exclude

Create rules to exclude based on high vehicle odometer and high mileage API responses
Create rules to exclude based on proposer age being too old and too young

Factors

Create multiple factors that map to all the new and inputted properties

Map granular relativities, excesses and exclusions from factors tables
Create more complex 2 and 3 dimensional factors tables

Calculation

Configure our properties and returned factors into multiple calculations

Calculate a base premium
Calculate the usage upfront premium and a per mile rate
Calculate an estimated premium based on the yearly mileage returned from the enrichment API
Calculate the tax and commission on the estimated premium
Combine calculations together for a final premium to display

Output

Define what information we will show the customer

Expose information about vehicle mileage, vehicle make and vehicle model
Expose the per mile rate, the upfront rate and the estimated premium

Swallow is helping insurers like you

Manage your pricing end-to-end with our modern pricing platform

Build GLMs faster

Create your own models in our no-code builder. Upload ratings tables with multi-dimensional factors and enrichment APIs. Write rules, exclusions and endorsements easily without code.

Confidence in live pricing

Create and run a large number of tests on the latest pricing as if it were live. Ensure live pricing matches your offline modelling. Easily compare versions of pricing to see movement between models.

Approve and publish at scale

Key stakeholders can approve pricing changes before they go live, in accordance with your governance process. Once ready, it's a single click to publish prices live to web forms and APIs.

Our users are loving Swallow

Jim Engine

Company name

    

Swallow looks very intuitive and easy to use. I think it could help me build my financial models with no-code 👌🏻

Jim Engine

Company name

    

Swallow looks very intuitive and easy to use. I think it could help me build my financial models with no-code 👌🏻

Jim Engine

Company name

    

Swallow looks very intuitive and easy to use. I think it could help me build my financial models with no-code 👌🏻

Explore everything Swallow has to offer

Platform

All-in-one Pricing Operations Workbench

Swallow gives you control and visibility of the whole pricing operations flow. Check out each product

Streamline pricing operations
for usage car insurance

Effortlessly oversee your entire pricing model management process using Swallow's no-code platform and powerful API

Why not give it a go?

Here's a simple quick quote form for a usage car insurance product, created in Swallow.