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NetRate
NetSynergy Rating System
 A
key capability of any Rating Systems provider
should be flexibility in implementation strategies.
One of today’s most exciting implementation
strategies is the so-called ‘Black Box’
concept. NetRate’s NetSynergy Rating Service
is the perfect example of this, enabling the
NetRate Rating Engine’s core rating components
to utilize 3rd party-developed screens to collect
rating risk information. NetRate’s new
NetSynergy Rating Service provides the option
of a customer putting their own ‘face’
in front of the powerful NetRate calculation
engine. With full, complete documentation of
the proprietary NetRate XML, NetRate provides
all of the needed supporting information to
map web front-end input screens in the NetRate
NetSynergy Rating Service. Also available are
access to other NetRate components supporting
the NetSynergy Rating Service, including the
Policy Life Cycle Module (NetBind), and the
NetRate ISO® Classification Lookup and ISO®
Zip Code/Territory Matching Modules. NetRate
also provides consulting services to assist
you in the implementation of the NetSynergy
Rating Service.
*NetRate
Rating Engine: The Base component of
the NetRate NetSynergy Rating Service is the
NetRate Rating Engine, a called web service
which provides the core rate calculation and
algorithmic processes. The NetRate Rating Engine
allows Carriers, MGAs, and Brokers the power
and flexibility to easily rate complex multi-state,
multi-location, monoline or package policies
for any selected Line of Business. The NetRate
Rating Engine features the ability to rate coverage
alternatives, and the system will generate complete,
easy-to-understand worksheets and XML output
documents for data transmission.
*XML Import & Export: Risk
data for rating is supplied to the NetRate Rating
Engine via an XML Document in NetRate’s
proprietary XML format. Mapping of data from
3rd party input screens is made simpler through
a thorough documentation of XML node and field
definitions and requirements, supplied to the
3rd party developer, as well as access to a
test web service.
NetRate also can provide expert consulting services
to assist in the mapping project. Every transaction
through the NetRate Rating Engine creates an
XML document as output as well, making it easy
for developers to pick up data for other printed
output of your own design.
*Company Maintenance Utilities:
Along with the core Rating Engine, NetRate also
provides easy-to-use, comprehensive software
tools for setting up carrier LCM’s, defining
ISO® Rate Versions, establishing minimum
premiums, etc. This allows users to gain control
over the support of rapid-changing carrier set-ups.
The Utility programs support versioning of all
changes.
*Submission Underwriting: NetRate
can also support, on a custom basis, the establishment
of submission underwriting involving the rating
program module.
*Policy Life Cycle Processing (NetBind
Module): 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 NetSynergy 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.
*Integration with 3rd Party Systems:
Integration of output rating data with 3rd Party
Policy Issuance, Policy Administration, or other
Insurance Information providers is a key piece
of the NetSynergy philosophy. NetRate currently
has more than 10 certified 3rd Party Business
Partners, with dozens of customers utilizing
fully integrated NetRate Rating Systems |
