Comparative rater technology is the basis for many agency management systems and is essential for an insurance agent’s everyday business. It takes potential customers’ information and provides quotes for various lines of insurance policies from different carriers in seconds. It gives your customers options to choose from so they can consider pricing, coverage features and more.
That being said, choosing a rating solution can be difficult. With so many options on the market — all with different strengths and weaknesses — how can you be sure you’re getting the right one for your agency?
To help you make the best decision, we created a complete checklist of 12 questions to reference while you’re shopping for your new rating solution technology.
Personal Lines Rater Checklist
- How Long Will It Disrupt Your Service?
The transition process should be super easy. No one wants large gaps in being able to provide services to customers. It can greatly impact your profits! Know how simple and time-consuming the transition and installation process is, so you can plan accordingly. Don’t forget to consider training and how long it may take for you and your employees to learn how to work the program.
- Does It Have Built-In NAICS Codes And Questions?
To save time, your rater should have class codes that can populate the carrier questions you need to ask your clients automatically after entry, making your forms easy and fast to fill in every time. It would almost defeat the purpose of having a rater if it did not provide all the information you needed to run a quote simply without having to make major changes.
- Does It Have Integrations with Third-Party Software That Give Important Policy Information Automatically?
Many raters on the market have partnerships with third-party companies, like LexisNexis, that provide driver and vehicle information, and MSB which can provide replacement costs for properties. Having this information autofill right inside the rater prevents agents from having to open extra tabs and do extra research, saving them precious time.
- Can You Run Any Reports?
While many of the leading rating providers offer basic reports, not all do. Make sure that the rater you purchase can provide the information you find important for running your business. Knowledge is power.
- Does Your Rater Easily Allow You to Cross-Sell Other Lines of Business?
Only a few rating providers specialize in making it easy for you to receive quotes for other lines of business at the time you are presenting the Auto and Home quotes to your insureds. You want to be sure that your rater is making those options available and isn’t limiting what you can provide to your customers. The chance to earn extra commissions and offer more lines of insurance could be the deciding factor between two providers.
- What is the Speed to Market?
Speed to market is how fast you can provide your customers with their policy information. The faster you can get quotes to your customers, the more likely they are to buy from you instead of a competitor. You can beat them to the punch, keeping you competitive and more likely to win new business!
- Can You Access All the Carriers You Want To?
You’ll want to be sure that the comparative rater you choose has access to the carriers you want. Certain software companies have relationships with certain carriers based on many criteria including location, size, etc. More access to more carriers means more options which means a more comprehensive value proposition for customers. Don’t you want more, more, more?
- Is It Mobile?
It’s more important now than ever that you can work from anywhere. Your software should go where you do! Many comparative rater options are cloud-based, which allows users to access it on the go with any internet-enabled device.
- Is It Secure?
Not only does being on a cloud network make your business mobile, but it also makes your information safer. You don’t have to worry about digital security because the cloud is protected by your comparative rater provider. Cyber security is an increasing concern and with a cloud-based system, you can rest easy knowing that all your client’s personal information is safe.
- Can It Provide Direct-To-Consumer Quoting?
Self-service and direct-to-consumer quoting for clients are growing in popularity. It is a feature most customers have come to expect as a standard. Almost anything can be handled online. It is important that your quoting software can be accessed by prospects on your company site. Having an easily accessible rating engine helps you get new leads and expand your business.
- How is the Support?
Support is an important part of company selection. You want to know that you can contact someone who can answer your questions quickly. You want to be able to access support easily and in different forms, whether it be a hotline, emails, and even training portals online.
- Do They Value Innovation?
Times change quickly, and it is important that the company you purchase your software from wants to evolve with the market. You don’t want to invest time and money for new technology for it to be outdated quickly.
Discover Your New Rating Solution
Comparative raters are amazing solutions. They have revolutionized the way agents service clients and made working easier, faster and more efficient. As you answer each of these questions, you’ll feel confident knowing that your choice of comparative rater is the right one to fuel your agency.
Explore the EZLynx Rating Engine to see how it can benefit your agency.
Author Bio: EZLynx pioneered personal lines real-time comparative rating, enabling agents to generate quotes from multiple insurance carriers with a single data entry point. Today, over 20,000 agencies rely on EZLynx to provide more than eight million home, auto, and package rating transactions every month. EZLynx has also expanded beyond personal lines comparative rating by creating innovative software solutions that transform every facet of agency life, including agency management, client self-servicing, sales pipeline management, marketing and communications, accounting, eSignature, and more, all available on a unified, one platform solution.
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