Rating systems are a very important aspect of business for managing general agencies, insurance carriers, and program administrators. With a number of systems available, it is vital that a company is able to differentiate between the varieties of available systems to find the best possible fit for their needs. When evaluating a commercial lines rating system, one of the most important considerations should be the versatility that is offered, as the system should be able customize the many unique needs of a company, including:
Versatility Should Always Be a Primary Consideration
Every company has unique features that require a commercial lines rating system to be customizable. Having this sort of versatility is a necessity when making the selection of a system, as this allows the company to distinguish between managing general agencies, insurance carriers, and program administrators. It also may allow a company to customize rates or LCMs that are carrier-specific, while also providing the ability to customize coverage options or variances in algorithms. Systems that are customizable in this way allow companies and brokers to be more productive due to the extremely efficient nature of the system. Clearly, choosing the proper commercial lines rating system can have a major impact. Finding an ideal system that is versatile and easily customizable is important for any business in the industry.