Property and casualty insurance carriers, Managing General Agents, and wholesalers are always looking for ways to streamline their business operations, maximize efficiencies and in doing so, reduce their administrative costs. One way to accomplish this is by implementing a good commercial lines rating system—computer software products that automate much of the process that determines insurance premiums by taking a number of risk factors into account, as well as underwriting rules set by various insurance companies, and any surcharges or discounts that may apply.
Software makes repetitive entries a thing of the past
There are many companies in the industry that offer software programs for this purpose. The best will provide a flexible approach to rating that allows for users to apply the tool to a wide variety of classes, recognizing that carriers, MGAs, and independent agents have spent time and effort to carve out niche markets—and thus, any tool they use must also be able to address the specific needs that those markets require. What’s more, the best tools will also offer some degree of customization capability to the base system, further enabling a firm to pick and choose the features that it specifies as most important—for example, company-specific, start-to-end processes that are utilized for marketing the various plans it provides to clients (either electronically or via traditional hard copy, if desired), all the way from rating the coverage to issuing the policy.
Examine every path to profitability, starting with automation
Whether you are an insurance carrier, managing general agent, or wholesaler when your firm is ready for the next level in automation, work with a leading provider of commercial lines rating system software to ensure the program will enable you to enter, manipulate, validate, and analyze data with precision and speed—and thus, pave the way for greater earnings based on more efficient operations.