10 Features you need for your rating software
By Vijay Rengarajan
A comparative rater is essential software for independent insurance agents to effectively compete in the market today. Fundamentally, it is a solution that allows your agency to quickly quote personal lines coverage with every insurance carrier you represent. But if that is all your rater is doing for you, it may be time to reconsider your software options.
Upgrading your rater can:
- Save time and increase number of quotes. Prefill capabilities and access to all carriers at once saves you precious time while allowing them to provide your customers with more options.
- Make agents more efficient. Intuitive features allow you to quote more easily and boost their productivity.
- Improve value proposition for customers. Easily cross-sell multiple lines to prospects, providing them with an all-in-one shopping experience for comprehensive coverage.
- Improve agency insights. Reports can show important information that allows your agency to make data-informed decisions to increase efficiency and the bottom line.
Investing in a good comparative rater can revolutionize the way that agents service clients and make working easier, faster and more efficient. Here are 10 features you must have to ensure that you’re getting the right solution for your agency’s needs:
Provides carrier-class codes and built-in questions. Having all the information you need at your fingertips allows for a faster quoting process. You won’t need to remember the right questions to ask prospective clients or waste time referring to lookup tables for carrier codes. Your rater should have class codes that can populate the carrier questions you need to ask your clients automatically after entry, making your forms easy and fast to fill every time and saving agents precious time.
Ability to autofill important policy information. Autofill and lookup features built into a comparative rater can streamline the rating process and cut down the time spent on the phone with prospective clients. The process can eliminate double-entry, streamline data entry, and bridge or sync information from your agency management system. Having the ability to autofill important customer details like vehicle information, address confirmation, and reconstruction cost valuations should be available instantaneously inside the rating engine.
Investing in a good comparative rater can
revolutionize the way agents service clients
and make working easier, faster and more efficient.
Offers reporting to gain insights. In today’s technology-driven world, it’s all about having the numbers to back up agency decisions. Data is essential for making effective business plans and tracking productivity. According to research from McKinsey, data-driven organizations are 23 times more likely to acquire customers than their peers. Having a comparative rater that can easily find demographic information about applicants, agent’s assignments, quote information, and more, helps your agency make informed and strategic decisions to grow your bottom line.
Has access to landing insurance carriers. Comparative raters are designed to provide agents access to multiple carriers and proposals for their client’s insurance needs at one time. What good is a rating system if it limits your carrier access? When looking at comparative raters for your agency, it should give you access to all the industry leaders to give your customers the most choice. Some carriers limit their access, so make sure your comparative rater isn’t missing any vital carriers your agency needs.
Incorporates seamless integration. Alternating between agency management systems and rating software is an outdated way to work. Raters should integrate easily with your chosen management system, eliminating unnecessary back and forth while merging information and allowing for a comprehensive view of all data. According to a survey by MuleSoft, 94% of respondents find integration to be “important” or “extremely important” in winning new customers. It is important to be sure that you do your research to understand the power of a rating engine that is fully integrated with a management system providing a single, easy-to-use experience.
Delivers mobility for quoting on the go. Does your rater go where you do? Many comparative rater options are cloud-based, which allow users to access it on the go with any internet-enabled device. Having the freedom to work anywhere means you aren’t stuck in an office all day, considering that 40% of insurance-related time is already spent on mobile devices, according to an article by 10xDS, a digital transformation consulting company. Make sure to find a rater that allows you to work from home, a coffee shop, or even a parking lot, as long as you have access to the internet.
Implements secure cloud-based access. Having your software in the cloud provides free, secure, and unlimited storage for your agency’s valuable quoting information. It effectively protects your data against digital catastrophes, hackers, power outages, failures, and accidents. Ernst & Young’s 2021 Global Information Security Survey shows that 94% of businesses claimed to have seen an improvement in security after moving to the cloud. By utilizing a cloud-based rating software, your agency can rest easy knowing that all your clients’ personal information is safe.
Advances direct-to-consumer quoting. Customer expectations are evolving, and self-service is more important than ever. A recent consumer survey by Nuance Enterprise, a software development firm, found that 67% of respondents preferred self-service over speaking to a representative. Choosing a rater that gives prospective clients access to quoting directly on your website helps your agency get more leads while providing the service customers have grown to expect.
Support is an important part of company selection. It’s important that your rater comes complete with a stellar support program. A 2022 survey by KUBRA, a customer experience management solutions provider, showed that 46% of respondents stated that customer experience is a top factor when selecting an insurance provider. Having the ability to access informational tutorials online, a responsive support line, and groups to discuss tips and tricks allows you to get help immediately when you’re stuck. Make sure you can get help easily when you need it most from multiple sources.
Invokes innovation. If recent events have taught us anything, it’s that demands and necessary features can change quickly. Does your rater provide value innovation? It is important that the company you purchase your software from wants to evolve with the market and that your rater provider will always be creating new products designed to help your agency effectively compete no matter what happens in the world.
Whether you are a new agent in the market or have been a player for years and are looking to update your software, the above list will ensure that you’re getting the most out of your rating software.
The author
Vijay Rengarajan is the director of product management at EZLynx. His passion is delighting customers with intuitive products that drive efficiency and growth for agencies. Vijay holds an MBA from Texas A&M International University, with a specialization in strategic management, and proudly holds his Chartered Property Casualty Underwriter (CPCU) designation. He is an innovative strategist and effective product leader with over 16 years of experience in product management in the IT industry and property and casualty insurance domain.
