Calculation Procedures & Matrices are used to perform complex calculations based on input data and predefined rules. They are suitable for use cases that involve pricing, rating, scoring, or eligibility determination. Therefore, the use cases that should be implemented using Calculation Procedures & Matrices are:
Use a house’s address, size, and age of the building to determine an insurance premium. (This involves rating based on multiple factors)
Use location and past usage to determine the monthly cost for an energy product. (This involves pricing based on variable inputs)
Use risk factors for an insured item to determine different insurance product options. (This involves scoring and eligibility based on criteria)
The use cases that should not be implemented using Calculation Procedures & Matrices are:
Use rules to determine eligible insurance products based on a house’s address and age of the building. (This can be done using Business Rules Engine or OmniScript logic)
Use the product color and capacity to determine the price of a product. (This can be done using simple formulas or lookup tables)
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