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The evolution of rating programs
from simple rate/quote engines into sophisticated
tools for driving policy creation through rate
date/version lock down is now available through
NetRate Systems’ NetBind Policy Life Cycle
Module. NetBind enables systematic handling of
endorsement transactions, computing of rating
sequences for cancellations and reinstatements,
and renewal rating, including automatic prorata
and short-rate calculations. The NetRate NetBind
Policy Life Cycle Module includes these NetRate
System Features:
*Rate/Quote Proposal:
The Rate/Quote transaction is the basis of the
NetRate system, and the beginning point of the
NetBind Policy Life Cycle Module. NetRate Rating
allows Carriers, MGAs, and Brokers the power and
flexibility to easily rate complex multi-state,
multi-location, monoline or package policies.
NetRate Rating features the ability to rate coverage
alternatives, and the system will generate worksheets
and XML documents for data transmission.
*Bind Policy: The next step in
the Policy Life Cycle is to lock down rate versions,
LCM versions, ILF versions and all other rating
data through the NetBind process. Simple in execution
but powerful in capability, binding the quote
to policy ensures that all following transactions
on that policy utilize the correct rate structures
to generate increased or return premiums. This
is done systematically and without requiring the
user to remember and input issue date rate versions.
*Endorse Policy: Throughout the
Policy Life Cycle, it may be required that a user
change coverages, add or delete locations or vehicles,
alter exposure amounts, etc. Many rating systems
cannot effectively handle these transactions;
they require the user to compare the original
policy total at inception to the new policy total
after alteration, then get out a calculator to
determine the delta, apply the prorate factor,
etc. Now, through the NetBind process, endorsements
are easy. With the lock down NetBind process,
the NetRate Rating System understands and holds
all policy data, including rate versions, ILF
versions, LCM versions, policy effective date,
and all other data required to apply endorsements
correctly and completely systematically, without
any operator intervention except for making the
appropriate policy changes. The NetBind system
will calculate endorsement premiums, total premiums,
and the prorata factors, and present them in an
easily understandable form for the user.
*Out of Sequence Endorsement:
The NetBind process supports the capability of
rating out-of-sequence endorsements, without requiring
users to cancel or re-enter endorsements which
have already been processed. The NetRate Rating
System will automatically calculate the total
paid premium, and provide the additional or return
premium at a coverage level, not just a Line of
Business level. It’s a powerful and fully
automated function in the NetBind Module.
*Cancel Policy: Policy cancellations
are also handed easily in the NetRate system,
again because the NetBind module captures all
rating data and correctly applies versioning and
prorata data. And again, it all happens automatically,
without requiring users to insert factors, modifiers,
etc.
*Reinstate Policy: A cancelled
policy may also be reinstated through NetBind
processing. The NetRate database retains cancelled
policy data, allowing the user to recall a cancelled
policy, and through entry of reinstatement date,
put the policy back in force.
*Renew Policy: Policies entered
through the NetBind process can be quickly and
easily renewed as well. The Renewal transaction
will remove the ‘lockdown’ tag from
an existing policy, and apply the current version
of rates and factors as the renewal policy is
calculated. NetBind offers the option of renewal
proposals as well, so that users may offer alternative
options to their clients before binding the renewal.
Another powerful, optional NetBind feature is
the capability to batch process renewal policies.
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