A rating engine in insurance is a workhorse tool for coverage professionals. Rating is a critical as well as a time consuming process. Accuracy is of the utmost importance for both a companys profitability and its ability to offer a relevant product. To be competitive, it is important to be able to rate a wide variety of coverage options, including both commercial lines and custom lines. Policies in demand under commercial coverage are:
- Commercial Auto
- General Liability
- Commercial Property
- Inland Marine
- Business Owners Policy (BPO)
Custom lines may include Commercial Umbrella and Professional Liability.
User Friendly Features
There are several features available for rating engines in insurance that work to enhance the user experience and make the rating process more efficient:
- Automated rating
- Intuitive user interface
- Classification look-up
- Zip code to ISO territory match
These help the insurance professional hone in on the specifics that enable the most accurate organization of data. Immediate access to various classifications and the ability to focus on specific regions allows carriers to customize both their products and how they organize and implement their information.
Up-To-Speed With a Fast-Moving Industry
The rating engine in insurance is developing at a pace to keep up with the growing needs of an expanding coverage market. Power, adaptability and customizable features enable the insurance professional to build a better policy and a sounder business.