Insurance Rating Systems Evaluate the Stability of Insurance Companies
May 17, 2016
Online insurance rating systems are available to help carriers, MGAs and program administrators determine the premium on a policy. These rating systems provide for ISO-based commercial lines rating and also allow for configuration of carriers rating factors and deviations. By having this as part of your rating solution your underwriting teams will enjoy enhanced efficiency while carrier partners will benefit from having quality information.
In addition, underwriters can evaluate the type of submissions they are receiving and whether once the quote is provided whether the MGA, carrier or PA is writing the business. A robust insurance rating system will enable marketing and underwriting to see where they are succeeding in bringing in new business and writing renewals. Data is at your fingertips when the rating system is tied to your policy issuance system.
Insurance ratings may also be determined by evaluating enterprise risk management, capitalization, or management and strategy. All services that provide these ratings will look at these and similar criteria when evaluating insurance companies.
For the wholesaler, customization important because it helps to strengthen your brand in the face of the insurance market. This way for example, when an agency goes onto your site, they’ll get a chance to experience the look and feel of your company and discover what you’re really all about. With the help of Insurance Rating Systems designed for the MGA and wholesale market, which offers features for customization, you can easily adopt the look of the rating solution to aid in complementing your own brand.