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Target Markets Special Section NetRate Systems, Inc.  “NetRate Systems, Inc., based in Okemos, Michigan, was founded in 1998 to help insurance companies, brokers, MGAs and retail agents capitalize on the growing market need for updated technology and the demand for real-time rating, quoting and application processing services”, says Dave Jordan, president of NetRate Systems. “All of our products can be deployed as browser, Windows desktop or client server solutions. “NetRate’s extensive rating and technical expertise was derived from owning and operating Continental Systems for more than 15 years and building it into a leading provider of property and casualty rating systems,” says Jordan. “By 1996, Continental was considered one of the largest, if not the largest, supplier of property and casualty rating software products to independent insurance agents in the United States. Continental’s software products were used by more than 12,000 agencies and more than 20 insurance companies, including Travelers, The Hartford, Ohio Casualty and Trinity Universal.” Jordan sold Continental Systems in 1996 and two years later started NetRate, which focuses on commercial lines rating for carriers, MGAs and agents.
NetRate is creating an impact in the industry by providing a cost-effective, comprehensive, nationwide ISO-based commercial lines system that competes with the largest rating vendor’s systems but is scalable to be competitive with lower-priced systems. Continues Jordan: “Companies, MGAs, and agents can streamline their workflow and increase productivity by deploying our system which can manage the full rating policy life cycle. The NetRate System rates new business, endorsements (including out of sequence), cancellations, reinstatements and renewals. An optional product requested by many large MGAs, which is not offered by other vendors in our price range, is NetRate’s ISO stat coding module which also produces an ISO record layout file.” NetRate is a certified ISO business partner with a nationwide library of all ISO lines of business and coverages. In addition to their basic ISO products, NetRate offers company-specific customization for clients and provides ongoing service and support for both rates and program updates. “Our willingness to provide customized products for our clients’ needs sets us apart from other vendors,” says Jordan. “Some vendors shy away from this type of customization but we thrive on it, especially with our ability to bring a custom product to market quickly and at a reasonable cost for our clients.” In the years since its establishment, NetRate has formed some significant alliances with select vendors to provide a complete “Best of Breed” solution. In 2004, NetRate joined with QualCorp, Inc., a California-based company that specializes in policy issuance for the P-C industry, to offer a joint solution to clients, integrating QualCorp’s FormsPlus Policy Issuance System with NetRate’s rating/quoting solutions. In 2005, NetRate joined with Corban Systems, a Minnesota-based company and MGA Systems, a New York-based company, both of which offer full accounting and policy management/issuance systems. “These and other alliances help property and casualty carriers and MGAs realize efficiency and customer service benefits from improved rating, and policy administration and issuance solutions for both commercial and personal lines,” says Jordan. “NetRate is really enthusiastic about our opportunities in the P-C market,” says Jordan. “During the past year, NetRate has replaced a significant number of rating systems that didn’t really handle basic rating functions automatically, such as package policies, multi-state rating or the full rating policy life cycle. With the acceptance of our products in the market place, we have seen our user base increase dramatically.” * |
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