NetRate Systems Introduces ‘Black Box’ Component for ISO Commercial Lines Rating
Okemos, MI October 26, 2007 – NetRate Systems, Inc. (Okemos, MI), a leading supplier of ISO® Commercial Lines Rating software for the MGA and carrier marketplace, has announced the availability of component objects for ISO® Commercial Lines Rating designed to be implemented into 3rd party input screens. This capability will enable web-based or desktop user interfaces designed by other vendors to transparently integrate NetRate’s ISO® Commercial Lines rating engine into a full-function submission/ quote process. The 3rd party input screens will gather required rating risk information, create an xml document, and transfer the information into NetRate’s rating engine for rate processing. In addition, NetRate’s fully-documented xml output allows rated quote data to transparently flow into policy issue, policy administration, or other 3rd party systems to complete the straight-through policy processing. The rating component, as a called web service, can be used regardless of platform.
A Validation component which will accompany the rating engine component will be introduced in the first quarter of 2008. This component will verify completeness and accuracy of the incoming xml data, and produce error messages if data is incomplete or incorrect.
NetRate sees likely application for the ‘black box’ rating component in the MGA and carrier web-based quoting area, where many MGAs are enabling web screens for risk submission and/ or rating. Another application provides utilization of the NetRate rating engine as the transparent rating component in popular MGA-based policy administration systems. A third need area addressed by the ‘headless’ NetRate rating engine is in the area of carrier submission systems, utilizing input screens designed by the carrier, and passing the risk information transparently into the NetRate rating engine for rate processing.
Key elements of the total NetRate package include:
- 1) NetRate’s status as a fully licensed ISO® Business Partner, guaranteeing updates to ISO® rate and rating rule revisions on a timely basis.
2) NetRate’s status as a long-time provider of full-function systems for ISO® Commercial Lines Rating. NetRate developers and support personnel have decades of experience in developing and supporting rating products.
3) NetRate’s experience in integrating rating output into 3rd party systems. NetRate currently supports integration into more than a dozen 3rd party systems, including policy issuance systems, policy administration systems, comparative rating systems, and others.
4) NetRate’s philosophy of full support of all rating products, including ISO® versioning, carrier LCM versioning, and all other custom programming for carrier-specific rating processes. NetRate support minimizes time and effort impacts on carrier and MGA IT staff.
5) NetRate’s appetite for accommodating custom alterations of the base system to fit MGAs and carriers whose rating processes vary from straight ISO® procedures.
About NetRate Systems, Inc.
NetRate Systems, Inc. supplies Commercial and Personal Lines Rating Systems to the Property and Casualty insurance marketplace. With sophisticated, yet intuitive, systems designed to eliminate manual references and to fully automate the full policy life cycle, NetRate products include nationwide rating of ISO® General Liability, Property, Business Auto, Crime, Inland Marine, Farm, NCCI Workers Comp, and Personal Lines. NetRate also offers custom programming of all lines of business. NetRate Rating Systems include both desktop and web-based point-of-sale submission/ rate/ quote versions. NetRate also provides ‘hands-free’ integration of rating data to 3rd party vendor systems to facilitate policy issuance and administration.
For more information, go to www.netrate.com