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Special Section Sponsored by Target Markets Program Administrators Association NetRate Systems, Inc. NetRate simplifies implementation of new programs MGAs and program managers face many challenges when implementing new programs. Often, even getting consideration from a carrier to become a principal program manager requires an organization to “prove” to the carrier that it has the marketing and client support capacity to effectively service the new program. These days, program managers also have to prove that they have the information technology (IT) processes in place to efficiently rate, issue, and administer the program from a systems standpoint. NetRate Systems (Okemos, Michigan) has become an important part of this evaluation process for several program managers. NetRate and the MGA/carrier niche. NetRate Systems produces rating programs designed specifically for the MGA/small carrier marketplace and has found a significant niche in providing ISO-based and customized programs for program managers. Working in concert with several different forms/policy issuance systems and policy administration systems to seamlessly integrate data into downstream programs, NetRate provides high quality, accurate sales and processing software that enable program managers to quickly and easily price their products for their prospective insureds. Using the built-in NetBind Policy Life Cycle Module, NetRate can move a quoted prospect to “bind” policy status, then later on process endorsements, cancellations and reinstatements, and renewals as well. NetRate President Dave Jordan observes, “Our customers tell us that rating is more than quoting; that it’s an ongoing process that has to be available throughout the life of the policy. Anything less is insufficient.” Policy life cycle rate processing. The NetBind Policy Life Cycle Module is one of several fully integrated modules which make up the NetRate System. NetRate’s rating modules comprise the main rating engine, and include not only the calculating processes, but also include either Microsoft desktop or internet browser user interface versions. The commercial lines rating modules are based around ISO® rates and rules, but a key component is NetRate’s agility in providing customized and tailored solutions which ‘tweak’ the off-the-shelf ISO® product to fit specific carrier program implementations. As Dave Jordan sees it, “NetRate’s appetite for tailoring our rating products to fit specific carrier requirements places us in a unique position as a relatively low cost provider of custom rating solutions.” Point of sale submissions. The relative sophistication of the NetRate rating products and the increasing level of “black and white” underwriting that can be accomplished have made the NetPOS (point of sale) Module more important in MGA-based installations, as well. By providing a front-end submission capability to the submitting brokers and retail agents, NetRate helps to transparently extend the entry of rating data out to those submitting agents, and eliminates the redundant policy data entry that has, in the past, been a critical cost consideration for MGAs. Helping start-up operations. NetRate also finds a unique place in the MGA world in helping MGAs and program managers who are considering start-up operations for specialty programs. NetRate’s ability to adapt its rating programs to fit unique specialty packages allow start-up operations to “hit the ground running,” and this capability can often be the decision maker as specialty carriers consider MGAs for the role of program administrators. The NetRate products become the high functionality, relatively low cost rating solution for these start-up ventures. Minimizing IT resource impact. For MGAs and carriers, IT resource time is usually at a premium. To fit these situations, NetRate provides single source solutions rather than software toolsets. NetRate acts not only as the software provider, but also provides all update services regarding the rating software. As an ISO® Business Partner—as well as American Association of Insurance Service (AAIS) and National Council on Compensation Insurance (NCCI) members—NetRate receives advance notice of all rate and rule updates. We are well ahead of the curve in supplying updated rating information to our clients. We do all custom programming required, all Loss Cost Multipliers (LCM) or other table updates, and fully test all changes before updating clients. Simply, we create and maintain rating solutions to fit the customer. And by providing all these services, NetRate minimizes the impact on client IT resources. → |
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