Choosing an insurance rating system is an important decision for any MGA, insurance carrier, or program administrator. Choosing the right one can help lower your costs and increase your company’s productivity and efficiency. Choosing the wrong one can cause you to pay more than you need for services, and lose time and productivity due to inefficient system functions.
Scope
The system you choose should be able to process rates for all the types of insurance that your company offers. Instead of having to use one system for one type of coverage and another system for a different type of coverage, it is more efficient to have one system for everything. This way you don’t have to waste time navigating between multiple insurance rating systems. The system you choose should also be able to support the number of computers, employees, agents, and clients needed.
Accuracy
Accuracy in insurance rating is of fundamental importance. Insurance Rating Systems that are based on ISO data can provide your company with up-to-date, accurate ratings for your niche in a wide range of locales.
Advanced Features
Features such as scenario comparisons, automatic worksheet generation, automatic matching of ISO territory to zip code, user customization, and more will enable your company to be more productive and impress and satisfy clients and customers.
Conclusion
Insurance Rating Systems that can handle any amount of requirements give companies the most freedom and flexibility.