To the complete surprise of almost nobody in the business world, paperwork has not vanished in the computer age. It just looks different these days, with much of it in digital form. Now databases and spreadsheets are complex in ways earlier generations could not have imagined. In order to make business more efficient and manageable in that environment, new software is written for almost any industry application. Insurance coverage and rating is no different. Today, even as insurance is taken for granted, people don’t understand the difficulty of determining rates, but now you can purchase an automated insurance rating system to make that easier from start to finish.
From ISO Coverage to Policy Issuance
It’s great for program managers to have software to help them, but the information still needs to be gathered and input. Ultimately, what an automated insurance rating system does is calculate the amount of risk, but that can also go to the next step and lead to actual policy issuance through custom forms. Working with ISO algorithms, you can access ISO-based or carrier-specific coverage for a number of commercial areas:
- Business Owners Policy
- General Liability
- Commercial Auto
- Commercial Property
Customizing your Rating System
When program managers or carriers consider buying an automated insurance rating system, they want to know how it will work for their specific insurance packages or for a particular industry. That’s where customizing the system becomes crucial. This can include third party vendor integration, custom report capability, and the supporting custom screens that reflect your company’s unique style.