Most companies seek out rating software packages to improve the accuracy of their quotes and to make their workflows more efficient. Sounds like a good idea, but how do you know if rating software is even right for your business? Consider these three reasons why you many want to proceed with caution:
- No carrier assigned to your program – Rating software creates a connection between your business and the insurance carrier. If your business is new or undergoing carrier changes, it’s critical to make sure you’ve secured your carrier relationship.
- Non-tech line items are not ready for growth – Improved rating automation means you are likely to land more business, and streamlined workflows mean work will be more efficient. Investing in technology and not having budget left to invest in other growth measures such as marketing or sales training may keep you from reaching revenue goals.
- Not ready to embrace the process – If you require a customized rating solution, especially one that integrates with your management system, NetRate suggests you designate a team member to manage implementation. You’ll need time for training, and may need to motivate your team to embrace change. Make sure you set realistic goals and timelines. Even if you implement NetRate’s ISO®-based rating solution out-of-the-box, plan some time for learning, as you would with any new technology.
Overall, the insurance industry lags behind other industries when it comes to adopting technology. At NetRate, we understand that rating software is an investment and we are careful with your time and money. We can help you set clearly-defined goals for implementation, and make sure the pieces fit together so you don’t have to worry about a thing.
Please give us a call at (877) 790-1114 or contact us here to find out how NetRate can provide you with the solutions — and customization — you need.