Power Step
A power step is used when you want to raise a number to a power. The components of the power step are Result, Base, and Power. For the result component, you can choose to use a Result Variable or a Result of Step Variable. For the base component, you can choose to use any variable (with a numeric data type) or a constant value. For the power component, you can choose to use any variable (with a numeric data type) or a constant value.
Example Use Case:
If you wanted to use experience based information (historical claims and/or exposure numbers) as part of your rating logic and you wanted to account for inflation/deflation, then you could use the power function to perform the inflation/deflation calculations. If you had claims information from an insured for $10,000, you could estimate that in 5 years’ time the claim value might increase by 3% a year. This could be represented by $10,000 x 1.03^5 = $11,592.
