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NetRate Systems Introduces Business Owners Rate-Issue System for MGAs and Carriers


Posted on 27 Jul 2011

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Okemos, Michigan-based NetRate Systems, Inc.,  a leading supplier of ISO® Commercial Lines Rating software for the MGA and carrier marketplace, has announced the availability of a new, high-powered Rate and Policy Issue system designed and priced for MGA’s and small-to-medium sized carriers. The system, designed around the ISO® 2010 BOP, incorporates NetRate’s NetSynergy® rating engine for Business Owners rating, a highly flexible and user-friendly user interface, and NetPPS, the NetRate Policy Production System module.

The NetRate Rate-Issue system may also be supplemented by NetRate’s NetPOS Point of Sale module, providing a web user interface which allows agents to enter risk data and provide immediate quotes to prospects. The quotes, when accepted by the prospect, can then be immediately submitted via the web to straight-through policy issuance, if the risk qualifies, or to company underwriters for review, requoting, and issuance.

Though designed for the ISO® 2010 BOP, NetRate also encourages company-unique coverage exceptions and customizations of the base product, and can also accommodate older versions of the Businessowners policy form. The program design and user interface structure lends itself to quick, easy, and stable changes, including addition of company-specific rating and forms, as well as basic ISO coverages which have ‘refer-to-company’ premium determination.

The NetRate NetSynergy® rating web services provide powerful rating capabilities driven by XML input.  The NetSynergy® web services can be fed from external 3rd party sources, or can utilize flexible, highly sophisticated user interface screens developed and maintained specifically for the NetSynergy web service by NetRate. NetSynergy engines for all Commercial Lines of Business also include detailed worksheet .pdf’s and extensive XML output for export to downstream systems. 

NetRate’s NetPPS Policy Printing System provides fully integrated policy forms as a back-end feature of the BOP system. NetPPS provides all ISO® and company-specific forms, with NetRate Rating data mapped to the forms, and with the incorporation of business rules transparently within the system.  The business rules will direct such functions as policy form order of assembly, tying of specific forms to specific risk classes and/or states, and generation of data input capability for non-rating-related data.  The business rules, which can vary between carriers, are worked out as part of the implementation process by NetRate forms specialists in conjunction with customer subject matter experts. The business rules are then added into tables which drive the process automatically, without operator intervention.

NetRate is positioning the Businessowners Rate-Issue systems as an inexpensive, quick-to-market option for MGA’s, small-to-medium sized carrier, and focused business units within large carriers. 

About NetRate Systems, Inc.


NetRate Systems, Inc. supplies Commercial Lines Rating and Policy Production Systems to the Property and Casualty insurance marketplace.  With sophisticated, yet intuitive, systems designed to eliminate manual references and to fully automate the policy life cycle, NetRate products include nationwide rating of ISO®  Business Auto, Garage, General Liability, Property, Crime, Inland Marine, Businessowners, and NCCI Workers Compensation. NetRate also offers custom programming of all lines of business.  NetRate Rating Systems include both desktop and web-based point-of-sale submission/ rate/ quote/ issue versions. NetRate also provides ‘hands-free’ integration of rating data to 3rd party vendor systems to facilitate policy administration. For more information, go to www.netrate.com, or call Tom Rahl @ (517) 347-4900, x113.


Comments

 
Paul Neilson Dec 8 2011 12:42PM Report Abuse
The market has been waiting for a good MGA policy administration software solution...
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