Integrated insurance rating systems for MGAs and program administrators are very useful tools, saving both in financial resources and eliminating the need for personnel to do double the work, which is what happens when using systems that don’t talk to each other. Netrate Systems offers insurance rating systems that are fully integrated with a administration and allows for customization by the managing general agency, program administrator or insurer.
Integrated insurance rating systems are vital for streamlining your operations, and allow you to be able to create and deliver product more efficiently and faster to the marketplace. It also benefits your agency distribution system as you can provide them with quotes more easily. Moreover, as changes are made to rates and forms – whether ISO-based or carrier-based, a rating system such as NetRate will automatically make the updates needed.
Purchasing the right system for your needs
As niche marketing is becoming more prevalent due to the increased need for insurance agencies to specialize and differentiate themselves in the marketplace, they are increasingly turning to MGAs and program administrators to develop programs that are tailored to the specific industries, including high-risk niches. This requires a depth of knowledge on both the agency’s and MGA’s/PA’s side as well as the right systems. In addition to having an integrated rating system that speaks to the admin system, customization should also be available, and the system should be nimble enough to add additional coverage lines, endorsements and enhancements as the program expands.
Moreover, many insurers and MGAs want the system to reflect their brand with their “face” on the product. This helps to promote their programs throughout the agency distribution system.
The Netrate Systems provide customization, including “branding” and flexibility in addition to the capability of generating complex worksheets and XML output documents for data transmission. Support is also available on an ongoing system.