The Faces Behind Rating Engine Technology Development

The Faces Behind Rating Engine Technology Development

There are several software developers that offer products and services for managing general agents, program administrators, and insurance carriers today. It’s wise to choose one from a company with an acknowledged reputation as a quality provider–for example, NetRate, a firm based in Michigan that has been in operation since 1998. NetRate offers NetSynergy, a so-called “black box” rating engine that allows for the use of a third-party-developed user interface that gathers rating information for risks. NetRate has a cadre of talented professionals at its core–men and women who have dedicated their careers to advancing the way that industry members share, analyze, and utilize data that drives all manner of insurance-related decisions.

The people behind the products

The thing is, across the board, the faces that are at work creating these tools are, more often than not, male. While this is far from the only industry that continues to be male-dominated despite the fact that females increasingly outnumber males in college graduation rates, according to the Bureau of Labor Statistics, still just one in four employees in the technology industry are female. Here are some other statistics that might surprise you:

  • It is projected that there will be 1.4 million available computer science jobs in the U.S. by 2020, finds the BLS.
  • Women continue to lag behind men in terms of dollar-per-dollar earnings, but at least women in technology jobs do better, earning 84 cents for every dollar earned by their male counterparts, according to Narrow the Gapp.
  • While women earn more than half of bachelor’s degrees, they account for just 12 percent of computer science degrees–presumably due to a limited exposure to that major either before or during college. On the plus side, UC Berkeley reported that for the first time, slightly more women than men enrolled in an introductory computer class in spring 2014.

A groundswell of change

With widespread attention in schools and business sponsorships now being given to STEM (science, technology, engineering and math) in an attempt to hold the interest of young people and girls in particular, it’s more likely that future iterations of NetSynergy will not only be as innovative as their earlier versions, more women will have a hand in developing the technology.