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NetPOS Submission Module:
The MGA, carrier, and broker marketplaces are
undergoing a transformation, with critical system
implications that are addressed through the
NetPOS Submission Module. It is no longer sufficient
for MGAs and carriers to wait to receive paper
applications, and to bear the cost of re-entering
the data into their policy underwriting and
issuance systems. NetRate Systems provides an
alternative solution which places carriers and
MGAs on a path to Straight-Through Processing
(STP).
*Browser Implementation: The
NetPOS Point-of-Sale submission module incorporates
a browser implementation to provide an on-demand,
secure entry facility to users. Operating via
ASP, your own server, or NetRate’s hosted
server, the NetPOS system provides easy access
to a very clearly company-labeled policy data
entry presentation.
*Full Rating or Risk Submission Only:
In some circumstance, you may wish to allow
submitting agents to also rate a risk. In other
cases, the agent should be the source of the
submission data, but the actual rating will
be controlled at the MGA or Carrier level. Either
way, NetPOS provides a solution, with clear,
easy to use data entry screens at the point
of origination, and the powerful NetRate Rating
Engines churning out the policy premiums, either
at the submission site or at the receiving end.
A submission-only implementation would provide
the browser entry screens, but no facility to
rate at the entry level. The entry data is deposited
in the Carrier/MGA rating database, where it
is picked up by an underwriter and rated. A
full rating implementation would allow both
data entry and rating at the submission site,
with actual submission occurring after the quote
premium is generated.
*Point of Sale Underwriting Capability:
Is that VIN valid? Is that an eligible
class of business for your policy program? Does
that driver really have a clean record? Is the
exposure amount for that Liability risk too
great for your program? These and a hundred
other underwriting considerations can become
part of the NetPOS process, allowing you to
define and automatically corroborate underwriting
criteria that can be quantified. The data may
be extracted from external data sources, input
by the submitter, or derived through rate processing.
In any circumstance, the data can be compared
to coded business rules set up by the carrier,
MGA or Broker, and the result is a clean submission.
*3rd Party Integration: NetPOS
also has the power of information from other
3rd Party systems integrated into it. Whether
it’s on-demand MVR or Loss data, Credit
Scoring, VIN verification and/ or validation,
or integration with another non-company-specific
agency rating system, NetPOS’s open architecture
and XML file construction make the NetPOS Point-of-Sale
Module the sure solution to on-demand, on-line,
and on-target rate/quote/issue. Merging data
from these 3rd Party Systems along with business
rules supplied by the Carrier, MGA or Broker,
NetPOS can create a submission process which
can supply ‘clean’, eligible policy
applications. ChoicePoint FSC VIN Forms Policy
Issue ASP Credit Card Processing.
*Connect with other NetRate Modules:
The NetPOS Point-of-Sale Rate/Quote/Issue Submission
Module is also fully integrated with other NetRate
Systems products, including NetRate, the Rating
Engine and User Interface that is the basis
of all NetRate products; NetBind, the Rating
Policy Life Cycle processing module; NetXPORT,
the XML creation and 3rd Part Integration Module;
and NetSTAT, the Statistical Code Collection
Module.
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