Your competitive advantage lies in quality products and superior service along with an affordable price. Underwriting speed and accuracy is part of that service model and can be what distinguishes you from your peers. If your insurance quoting software isn’t teed up with the most current data, you could be losing business.
Worse, you could be losing business and wasting a lot of time doing so.
Take fire ratings as one example. If fire rating data are old, you could be generating incorrect price quotes or even inaccurate product availability. A way to avoid using stale data is to employ a commercial lines rater that automatically updates fire ratings and all sorts of information from proprietary or public sources. ISO, as a case in point, uses its own Public Protection Classification program, which incorporates a rich array of data reflecting key variables having to do with fire and rescue response and other fire-loss exposures to generate precise underwriting and rating analysis.
That database and others that provide different commercial exposure data are updated constantly. That means an insurance rater that doesn’t automatically update can hinder accurate quoting for clients. At the core of NetRate‘s commercial lines rating system and NetPPS Policy Printing System is ISO content that is continually changing. Our ISO content library updates are a key component of our product license.
We understand that smaller MGAs or program administrators may have IT staffing limits that prevent regular performance of the updating tasks needed to keep a rating system current, and insurers’ staff members typically have projects that demand their attention, pushing maintenance of ISO or company rating data and forms down on the priority list. That’s why our continuous, automated updates for rates, rules and forms, in addition to carrier changes, provide you the most current information within your system without your staff doing any of the heavy lifting.
Not only will NetRate keep your insurance rating data current, we’ll save you time and improve accuracy to help you with quoting and binding accounts.
NetRate can help make your rating and associated business processes more efficient and enhance your competitiveness while keeping your unique needs at the center of the system. Please give us a call at (877) 790-1114 or email us to find out how NetRate can provide you with solutions to improve your commercial lines insurance rating process.