Categories   >   Insurance Rating Software
Last Reviewed: November 19th, 2024

Best Insurance Rating Software Of 2024

What is Insurance Rating Software?

Insurance Rating Software is a digital tool used to automate and streamline the process of determining insurance premiums. The software solves the fundamental problem of time-consuming manual rating, which can result in costly errors and inconsistencies. Emphasizing accuracy and efficiency, the benefits include quicker rate adjustments in response to market dynamics, improved underwriting decisions, and enhanced customer satisfaction. The software houses key features like multi-variable rating, comparative rating, and the capability to adjust rates based on risk factors. Cutting-edge developments include the incorporation of AI and machine learning for sophisticated predictive modeling. Primarily, insurance companies revere this software. However, it's not without challenges. This software can pose compatibility issues with existing systems and the complexity of rate configuring can be daunting. In conclusion, Insurance Rating Software is an invaluable tool in modern insurance operations, delivering consistent, accurate rating processes enhancing productivity and the bottom line.

What Are The Key Benefits of Insurance Rating Software?

  • Automates premium calculations
  • Enhances accuracy of ratings
  • Improves underwriting decisions
  • Speeds up rate adjustments
  • Supports multi-variable rating
  • Enables comparative rating
  • Minimizes manual errors
  • Streamlines operational efficiency
  • Fosters customer satisfaction
  • Allows predictive modeling
Read more

Overall

Based on the latest available data collected by SelectHub for 28 solutions, we determined the following solutions are the best Insurance Rating Software overall:

EZLynx
EZLynx
Start Price
$350
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked EZLynx

EZLynx provides both independent agents and agencies with a single platform to manage all insurance requirements, including comparative rating, eSignatures, accounting, quoting, online marketing and more. The system is reasonably priced, integrates with many third-party apps and connects to a vast number of carriers. Performance is good with regular updates, making it a go-to option in this category.

However, vendor support is notoriously poor, with complaints of long response times and indifferent personnel. Implementation is long, and the system is difficult to learn. But if you are under a strict budget and willing to overcome these obstacles, EZLynx is a strong contender in terms of cost and performance.

Pros & Cons

  • Functionality: The platform has superb functionalities, especially for carrier connectivity, according to 96% of users mentioning this aspect.
  • Ease of Use: According to 68% of users who reviewed this element, the software has a simple UI and is easy to navigate.
  • Integrations: 67% of users who mentioned this aspect said the platform has good integration options.
  • Performance: 79% of users who reviewed performance said the system runs smoothly with frequent updates.
  • Cost: According to 80% of users who reviewed cost, the software has competitive pricing.
  • Training: The system has a steep learning curve and lacks enough training material, according to 83% of reviewers mentioning this element.
  • Service and Support: According to 91% of users who reviewed this aspect, the vendor has terrible customer service.
  • Implementation: 100% of users who mentioned this element said the implementation process is considerably long.

Key Features

  • Rating Engine: Provide clients with real-time multi-carrier quotes for home or auto policies. Quote rates, issue policies and store ACORD forms with the intuitive dashboard. Pull vehicle and driver records to pre-fill carrier-specific forms. Capture and share carrier defaults and pre-set coverage scenarios via built-in templates. Automatically calculate premiums, validate addresses and check for missing data and discrepancies. 
    • Graph View: Use color-coded graph views to compare home and auto policy results. Automatically combine the same carrier results into a single bar. 
    • Applicant / Co-Applicant Switch: Easily swap applicant and co-applicant positions to submit a new quote. 
  • Management System: Streamline agency and workflow management with a centralized repository for customer’s quotes, documents and policies. Streamline the renewal process with automated client information updates and policy synchronization. Directly convert the agency’s data to the new platform to accelerate time to market. 
    • Performance Metrics: Collate information from the rating engine and management system modules to receive intelligent insights via email reports. 
    • Policy Comparison: Compare expired and renewed policies side-by-side. Explain the latest premiums and coverages for both commercial and personal lines. 
    • Accounting: Manage all financial transactions with direct billing support. Process commissions faster with graduated commission structure, commission downloads, split-commission tracking, percentage rules and more. 
    • Certificates and Forms: Store ACORD forms, policy downloads and e-signatures in client-specific electronic files. Use client information to create new certificates or renew existing ones. 
    • Document Storage: Centrally store client-related documents such as emails, certificates, forms, policies and more. Search for specific documents using custom data fields and upload files using the drag-and-drop function. Connect policies to associated clients. 
    • Document Signing: Streamline policy processing with secure electronic signatures. 
  • Agency Websites: Optimize an existing website or create a new one that includes the latest search engine algorithms. Increase the agency’s local reach and brand awareness with integrated editing, hosting, development and content services. Seamlessly integrate consumer quoting and client center modules into the website while keeping it mobile-friendly. Access website statistics during quarterly reviews. 
  • Consumer Quoting: Allow potential clients to get rate quotes directly from the website. Implement optimized, industry-specific web forms to provide multiple quotes instantaneously. Use vehicle and license data to autofill available information for faster quoting. 
    • Automated Contact: Automatically follow up on potential clients with incomplete quoting processes. Provide a secure link to access all relevant information and finish the process. 
    • Agent Options: Use online customer data to contact them directly with quotes. Get email reminders to follow up on quotation requests. 
    • Capture Leads: Capture leads through the agency website and reach them with purpose-built email marketing campaigns. 
    • Tracking Analytics: Record key analytics and analyze consumer quote traffic to improve the agency’s marketing and lead campaigns. 
  • Communication Center: Simplify client communication and outreach with targeted drip marketing campaigns, email campaigns, attachments and postal mail. 
  • Client Center: Provide clients with 24/7 access to the agency via the self-service portal. Safeguard client personal information with secure and unique login credentials. Agents can directly share policy documents and update client data at regular intervals. 
  • Integrations: Supports integration with a wide range of third-party applications, including QuickBooks, Microsoft 365, Netstar, CoreLogic, EverQuote and more. The API-based architecture provides in-house tools such as Data Bridge, Live Rating and Policy Management. 
  • Mobile App: Provides global access to client data and policy information with the mobile application. 
AMS360
AMS360
Start Price
$99
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked AMS360

How do users rate AMS360, is it the agency management system that takes the cake? AMS360, Vertafore's agency management software, generally garners positive feedback for its thorough features. Users particularly value its robust reporting capabilities, which provide exactly the data they need without any guesswork, and its seamless integration with other Vertafore products, creating a unified ecosystem. This integration is critical for agencies already invested in the Vertafore suite, as it streamlines workflows and data sharing. However, some users point out a steep learning curve, occasional system slowdowns, and a desire for more intuitive user interfaces, indicating that while powerful, AMS360 might not be the most user-friendly for new or non-technical users. A notable strength is its comprehensive documentation and policy tracking, which is essential for managing client information effectively. Conversely, a weakness is the system reverting to default account information even after policy-specific updates, leading to inconsistencies in documents like certificates. This highlights a potential area for improvement in future updates. Overall, AMS360 emerges as a robust solution best suited for insurance agencies, particularly those familiar with Vertafore products, who prioritize functionality, comprehensive reporting, and reliable support over ease of use and cutting-edge user interface design.

Pros & Cons

  • Robust Reporting: AMS360 is praised for its strong reporting features, allowing agencies to analyze business data effectively.
  • Vertafore Integration: Users appreciate the seamless integration with other Vertafore products, creating a unified system.
  • Streamlined Operations: AMS360 helps agencies improve efficiency by automating workflows and centralizing key processes.
  • Steep Learning Curve: AMS360 can be difficult to learn, especially for new users who are not familiar with agency management systems.
  • System Slowdowns: Some users report experiencing occasional slowdowns with AMS360, which can be frustrating and impact productivity.
  • Unintuitive User Interface: The user interface is not considered intuitive by some users, making it difficult to find the information they need quickly and easily. For example, extracting accurate reports can be a challenge.
  • Inconsistent Data Updates: Some users report inconsistencies with data updates, such as changes to insured names reverting back to previous entries, especially with policy renewals. This can cause problems with certificates and other forms that require accurate information.

Key Features

  • Workflow Management: Implement standard, customizable workflows for onboarding, governance, navigation, task assignment, document automation, Corporate Social Responsibility (CSR) and client outreach. Use purpose-built form and policy templates to process and review applications faster. Automatically generate commercial property and casualty (P&C) proposals and consolidate all carrier information under a single interface. 
  • Agency Management: Seamless import and export schedules into the agency’s calendar with automated addition, deletion and existing data synchronization. Compare past and current policies side by side. Mass distribute certificates in accordance with individual client preferences. 
    • Agency Home: Get a real-time feed of information, obligations and tasks directly in the dashboard. 
    • Declaration Page View: The declaration page view integrates coverages, endorsements and client history information into a single page for improved visibility. 
  • Client Management: Organize renewal requests according to date ranges and assign tasks to available producers, managers and agents. Track submissions, and issue updates and alerts for unpaid bills, premium changes, expired policies and more. Filter potential and existing clients based on area, age, line of business and coverage. Link related customers to map out customer relationships. 
    • Campaigns: Prepare target lists featuring prospects and cross-sell opportunities. Set up marketing strategies based on touchpoints such as emails, meetings, phone calls and letters. 
    • Document Distribution: Set up document distribution schedules for specific scenarios like renewals and policy expirations. 
    • Communication: Access all client communication from a single interface to better understand the person behind the interaction. 
  • Mobile App: Get instantaneous on-the-go access to carrier data, policy information and rate quotes with the mobile application. 
  • Document Management: Securely store all documents in a central repository. Search for specific documents using data fields. 
  • Reporting: Run reports on business health, productivity, financial state and more. Use reporting templates with built-in filtering and viewing options or customize existing ones. Schedule upcoming reports and deliver results to related administrators for agile business decisions. Estimate the agency’s growth and revenue based on acquisitions. 
  • Integrations: Access over 200 APIs through the developer portal. Log in to multiple products with the Vertafore Single Sign-On (VSSO) tool. Partner with Vertafore’s in-house solutions for increased scalability. 
  • Risk Management: Implement automated workflows to eliminate the risk of errors and omissions (E&O). Restrict access to sensitive information with internal controls. Protect personally identifiable information and audit logs with multi-factor authentication, role-based permissions and user groups. 
  • Operations and Accounting: Keep the agency’s finances updated with real-time insurance accounting. Convert spreadsheets in Excel binary file formats to Acord AL3. Directly download carrier statements and auto-populate consistent data in direct bill entry statements (DBES). 
agencybloc
agencybloc
Start Price
$70
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Agency Management: Maintain complete visibility over user groups, company information, policy data, claims and more. Keep tabs on enrollments, renewals and leads with automated communication and task assignment. Centralize all agent information and paperwork to calculate commissions accurately. 
  • Policy Management: Stay up-to-date with the agency’s policy-to-product ratio. Connect policies with associated individuals and resources. Set up automated reminders for upcoming tasks. 
  • Carriers: Centralize all carrier information to track policy ownership and best-selling products. 
  • Commissions: Manually enter commissions or import data from third-party sources. Automatically calculate total premiums, total commissions and net commissions based on existing policies, agents and payout rates. 
  • Workflow Automation: Implement industry-specific fields or custom datasets to automate regular processes and daily communications. Integrate with Microsoft Outlook to automatically assign tasks from emails. Automatically notify clients about important dates, events and license expirations. Get an overview of automated processes; pause automation whenever required. 
    • Automated Prospecting: Automatically assign leads to suitable agents for follow-up activities. Assimilate information from Lead Forms to trigger emails and tasks. 
  • Lead Distribution: Categorize leads according to servicing agent, lead source, activities due, lead date, status and more. Automatically assign the right leads to the suitable agents. Monitor interactions, communications, activities and opportunities with the sales pipeline module. Utilize the firm’s leads and sales data to uncover trends and patterns using data visualization. 
    • Lead Forms: Create custom lead forms and embed them on the firm’s website to capture leads effortlessly. Instantly notify available agents on completion of a form. 
    • Lead Follow-up: Set up automated email campaigns. Contact potential clients with rate quotes and agency-specific information after form submission. Track the source, status, priority and notes related to active leads in real time. 
  • Client Management: Set up email marketing campaigns and newsletters with purpose-built customizable templates. Stay in touch with clients via consistent communications for events such as birthdays, enrollment reminders, upcoming renewals, carrier updates, policy changes and more. 
  • Advanced Search: Search the agency database for specific documents with custom data fields. Save search queries and results for future reference. Search for particular agents based on clients, expiration dates, upcoming renewals and more. 
  • Reporting: Run reports on lead sources, renewal dates, policies, agent license, carrier products, agents and more. Choose from a list of built-in reports or create custom ones. Calculate projected revenue based on products sold. Analyze commission data to compare actual commission amounts with projected totals. Get insights into the firm’s productivity metrics via charts and graphs. Track policies and payment history in real time to identify missed carrier commissions. 
Guidewire
Guidewire
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Guidewire

Imagine a bustling marketplace where insurance companies shop for the perfect software to manage their intricate operations. Among the vibrant stalls, Guidewire stands out, attracting attention with its comprehensive suite of tools. However, like any seasoned shopper, insurance companies carefully examine the reviews before making a decision. Let's delve into the feedback from the past year to uncover the strengths, weaknesses, and unique qualities of Guidewire, ultimately determining who can benefit most from its offerings.

One recurring theme in user reviews is the robust functionality of Guidewire, particularly in handling complex insurance processes. Its ability to manage underwriting, policy administration, claims, and billing within a single platform is a significant advantage for large insurance companies with diverse product lines. Users appreciate the flexibility to configure workflows and rules to match their specific requirements, ensuring efficient and accurate operations. For instance, a multinational insurer highlighted Guidewire's capability to handle multiple currencies and languages, streamlining their global operations.

However, some users noted that Guidewire's extensive features come at the cost of complexity. The initial setup and configuration can be time-consuming and require specialized expertise. Smaller insurance companies with limited IT resources may find the learning curve steep and the implementation process challenging. Additionally, while Guidewire offers a wide range of integrations with third-party systems, some users expressed a desire for more seamless and out-of-the-box integrations to further enhance connectivity and data exchange.

Considering these factors, Guidewire appears most suitable for large insurance companies with complex operations and the resources to invest in implementation and ongoing maintenance. Its comprehensive functionality, scalability, and configurability make it an ideal choice for organizations seeking a robust and future-proof solution to manage their insurance processes efficiently. For smaller companies or those with simpler needs, alternative solutions with a more intuitive interface and quicker implementation might be a better fit.

Pros & Cons

  • Comprehensive Suite: Guidewire offers a full range of products covering claims management, policy administration, and billing, providing a one-stop shop for insurance carriers' core needs. This integrated approach streamlines operations and reduces the need for multiple vendors.
  • Industry-Specific Focus: Guidewire's solutions are tailored specifically for the insurance industry, addressing the unique challenges and regulatory requirements of the sector. This focus ensures that the software aligns with industry best practices and evolving needs.
  • Scalability and Flexibility: Guidewire's platform is designed to accommodate the growth and changing needs of insurance companies. Whether it's expanding into new markets or launching new products, the software can adapt to support evolving business requirements.
  • Cloud-Based Options: Guidewire offers cloud-based deployments, providing flexibility and scalability for insurance carriers. Cloud solutions eliminate the need for on-premises infrastructure management, reducing IT overhead and enabling faster implementation times.
  • Complexity: Guidewire's comprehensive nature can be overwhelming for new users due to its extensive features and functionalities. The learning curve can be steep, requiring significant time and resources for training and implementation.
  • Cost: As an enterprise-level solution, Guidewire often comes with a hefty price tag, including licensing, implementation, and ongoing maintenance fees. This can be a barrier for smaller insurance companies or those with limited budgets.
  • Customization Challenges: While Guidewire offers customization options, tailoring the software to specific needs can be complex and time-consuming. It may require specialized skills or external consultants, adding to the overall cost and implementation time.
  • Integration Complexity: Integrating Guidewire with existing systems, such as legacy databases or third-party applications, can pose challenges. This can lead to data migration issues, compatibility problems, and additional development efforts.

Key Features

  • Policy Management: Facilitates direct, digital, omnichannel communication with policyholders and partners. Streamline policy approval and verification with strategic automation and predictive analytics. 
  • Application Development: Leverage APIs, integrations and microservices to create new lines of product faster. Run reports to benchmark performance and get actionable insights. 
  • Billing Management: Offer multiple payment options, invoice flexibility and personalized plans to improve customer loyalty. Process flat rate and traditional agent commissions from the same module. Maintain complete visibility over financial transactions with tailored billing strategies. 
  • Claims Management: Create and define activities, exposures and reserves. Implement automated workflows to deal with straightforward claims. Integrate with over 60 purpose-built applications to streamline claims processing. 
  • Customer Service: Implement digital self-service channels for clients. Prioritize first notice of loss reports to improve customer retention and loyalty. 
  • Predictive Analytics: Augment business processes with artificial intelligence and predictive analytics. Optimize core processes such as claims processing and underwriter commissions. 
    • Claims Optimization: Evaluate the most productive adjuster for pending claims. Leverage intelligent insights and smart remediation strategies to reduce loss-adjustment expenses, leakage and risk litigation. 
    • Underwriter Profitability: Figure out the pricing range required to maximize policyholder retention. Develop a sophisticated scoring system for underwriters to optimize the submission and renewal processes. 
    • Smart Recommendations: Easily integrate predictive models created externally. Run reports on productivity and modify workflows based on results. 
  • Risk Insights: Analyze exposure data in real time, including risk factors and accumulation events, to gain valuable insights. Study market trends to make intelligent pricing and risk selection decisions. Self-diagnose cyber-risk events. 
  • Business Intelligence: Always keep an eye on financial and operational metrics and underwriting, sales, claims and service management. Securely access anonymous and current benchmarks to measure the agency’s performance scores against existing frameworks. 
Duck Creek
Duck Creek
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Duck Creek

Navigating the insurance technology landscape can feel like being lost at sea, with countless options promising smooth sailing. Duck Creek emerges as a sturdy vessel, but is it the right fit for your voyage? User feedback from the past year paints a picture of a platform with a robust hull and powerful engines, but perhaps lacking some of the finer amenities of its competitors.

Duck Creek's strengths lie in its configurability and scalability. Like a seasoned shipwright, users can customize the platform to their specific needs, building out complex workflows and integrations. This flexibility makes Duck Creek a popular choice for larger enterprises with intricate operations. However, this strength can also be a weakness. The level of customization requires significant technical expertise, often necessitating the help of experienced consultants or a dedicated in-house team. This can lead to higher implementation costs and longer timelines compared to more out-of-the-box solutions like Guidewire or Majesco.

Duck Creek differentiates itself with its cloud-native architecture, allowing for seamless updates and scalability. This is crucial in today's rapidly evolving insurance landscape, where agility is key. Users appreciate the platform's ability to adapt to changing market demands and regulatory requirements. However, some find the user interface to be less intuitive than competitors, requiring additional training and support.

In conclusion, Duck Creek is best suited for large insurance carriers and MGAs with complex operations and the resources to invest in implementation and ongoing maintenance. Its configurability and scalability make it a powerful tool for those who can harness its potential. However, smaller organizations or those seeking a more user-friendly experience may find better options elsewhere in the vast ocean of insurance technology.

Pros & Cons

  • Configuration Tools: Duck Creek's configuration tools empower users to tailor the platform to their specific needs without extensive coding. This flexibility allows insurers to adapt to changing market demands and create unique product offerings.
  • Product Development: The platform streamlines product development, enabling insurers to launch new insurance products quickly and efficiently. This agility is crucial in today's competitive market where speed to market is a key differentiator.
  • Cloud-Based: As a cloud-based solution, Duck Creek eliminates the need for on-premises infrastructure, reducing IT costs and complexity. This scalability allows insurers to easily adjust their resources as their business grows.
  • API Integrations: Duck Creek's open API architecture facilitates seamless integration with third-party systems and data sources. This interconnectivity empowers insurers to leverage a broader ecosystem of tools and services.
  • Complex Configuration: Implementing and customizing Duck Creek often demands a high level of technical expertise, making it challenging for users without a strong IT background to navigate the system effectively. This complexity can lead to longer implementation times and increased reliance on external consultants, potentially raising costs and causing frustration for users who prefer a more intuitive and user-friendly experience.
  • Performance Issues: Some users report experiencing performance slowdowns and system lags, particularly when handling large volumes of data or complex workflows. These performance issues can disrupt daily operations, hinder productivity, and lead to user dissatisfaction, especially for businesses with high-transaction volumes or time-sensitive processes.
  • Cost Considerations: Duck Creek's pricing structure, which often involves licensing fees, implementation costs, and ongoing maintenance expenses, can be a significant investment for insurance companies. Smaller businesses or those with tighter budgets may find the cost prohibitive, leading them to explore alternative solutions that offer a more affordable entry point and predictable cost structure.

Key Features

  • Quote: Accelerates quote workflows and offers omnichannel, responsive customer service. Create automated quote proposals and letters. Use predefined rules to streamline data capture at every stage. 
  • Underwrite: Access automated underwriting services based on risk complexity. Analyze policyholder accounts and collaborate across multiple domains to determine risk. Monitor status of active applications via an underwriter dashboard. 
  • Endorsements: Automatically process out-of-sequence and cross-term endorsements. Get a comprehensive view of all endorsement activities across different policy stages. Intelligent underwriting and third-party information ordering improve data and transaction accuracy. 
  • Audit: Supports monthly reporting, self-audits and interim and final audits. Track policy transactions and audit transactions separately. Create a post-audit declaration page and void audits according to requirements. 
  • Renewals: Automatically issue renewal policies via trigger-based workflows. Use predefined rules and date-driven ranges to rate, underwrite and document renewals. Mark specific policies for non-renewals. 
  • Cancellations: Supports automatic and manual cancellation notices. 
  • Reissue: Reinstate, reissue and rewrite policies manually or via predefined rules. Automatically issue notices and reactivate offset transactions. 
Majesco
Majesco
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Majesco

Stepping into the bustling marketplace of insurance software solutions, Majesco has carved out its own niche, attracting a diverse range of users with its unique blend of features and functionalities. Feedback from the past year paints a picture of a platform that excels in certain areas while acknowledging room for improvement in others. Users frequently highlight Majesco's robust policy administration capabilities as a standout strength, enabling insurers to efficiently manage the entire policy lifecycle, from quoting and issuance to renewals and claims. This comprehensive functionality streamlines operations and reduces manual tasks, ultimately boosting productivity for insurance professionals.

However, some users point out that Majesco's interface can feel clunky and outdated compared to newer, more intuitive platforms. Navigating through the system and accessing specific information can sometimes require multiple steps, leading to a less-than-ideal user experience. Despite this drawback, Majesco differentiates itself through its extensive configurability and customization options. Insurers can tailor the platform to their specific workflows and requirements, ensuring a snug fit for their unique business processes. This adaptability is particularly valuable for larger enterprises with complex operations and diverse product lines.

Considering these factors, Majesco appears to be most suitable for established insurance companies seeking a comprehensive and customizable solution for policy administration. Its strengths lie in its ability to handle complex workflows and provide a high degree of control over policy management. While the user interface may require some acclimation, the platform's flexibility and powerful features make it a compelling choice for insurers who prioritize functionality and adaptability over a purely modern aesthetic.

Pros & Cons

  • Cloud-Based Flexibility: Majesco's cloud-based platform allows insurers to scale their operations up or down quickly and efficiently, adapting to changing market demands without the need for significant infrastructure investments. This agility is particularly beneficial for managing seasonal fluctuations or entering new markets.
  • Streamlined Policy Administration: The software offers comprehensive policy administration features, including automated workflows, underwriting rules engines, and document management tools. These capabilities help insurers reduce manual tasks, improve accuracy, and accelerate policy issuance, leading to enhanced customer satisfaction and operational efficiency.
  • Data-Driven Insights: Majesco's robust reporting and analytics tools empower insurers to gain deeper insights into their business performance, customer behavior, and market trends. By leveraging data effectively, insurers can make informed decisions, identify growth opportunities, and optimize their product offerings and pricing strategies.
  • API-First Architecture: Majesco's API-first architecture facilitates seamless integration with third-party applications and services, enabling insurers to create a connected ecosystem and extend the functionality of their core systems. This flexibility allows for the incorporation of innovative technologies and the development of new distribution channels.
  • Implementation Challenges: Majesco's suite of products can be complex, requiring significant configuration and customization. This often leads to longer implementation times and higher costs than anticipated, frustrating users with budget and time constraints.
  • Learning Curve: The user interface, particularly in older versions, can feel clunky and outdated, leading to a steep learning curve for new users. This can impact user adoption and productivity, especially for those accustomed to more modern software experiences.
  • Integration Complexities: Integrating Majesco with existing systems, such as CRM or policy administration systems, can pose challenges due to compatibility issues and data mapping complexities. This can hinder data flow and create inefficiencies in business processes.

Key Features

  • Distribution Management: Set up multi-channel distribution networks, purpose-built hierarchies, and compensation models. 
  • Self-Service: Provide access to self-service capabilities such as automated onboarding and application optimization. Access transaction records and commission statements in real time. Prepare configurable and intuitive user interfaces for traditional insurance products and core processes. 
  • Data Analytics: Analyze data from multiple sources to get customer-focused insights. Leverage actionable information, intuitive dashboards and data visualization to uncover new business opportunities. 
    • Data Warehousing: Implement a powerful data framework for commercial property and casualty (P&C) lines of insurance. Provide access to a shared data repository and open quality and business rules. 
  • Majesco EcoExchange: Access third-party applications via the partner ecosystem. Featured integrations include Verisk, Chase, IHS Markit, TransCard, and more. 
  • Reporting: Map out standard user metadata, dashboard and standard reports. Run reports on productivity, claims history, cost-efficiency and more. 
  • Proactive Updates: Get regular updates on the latest Bureau forms, rates, policies and rules. 
  • Policy Management: Third-party partners, such as ISO, NCCI and more, provide built-in P&C, personal and specialty insurance policies. Access out-of-the-box bureau and product content for both commercial and personal lines of business. The predefined content directory includes over 4,000 forms, 14,000 data fields and 40,000 rules in accordance with ISO standards. 
    • Rating Engine: Integrate with external raters or manually create agency-specific rates. 
  • Claims Management: Manage the entire claims lifecycle from, first notice of loss to settlement, for all lines of business. 
    • Risk Assessment: Connect to multiple data sources to accurately analyze claim complexity and litigation likelihood. Assign fraud scores based on social media history, private records, public information and claims history. 
    • Catastrophe Contingency: Track catastrophes concerning insured properties. Process inflated claims seamlessly and route mobile claims appraisers for expedited settlements. 
  • Billing: Process all billing types, including agency bill, direct bill, list bill, and deductible bill. Offer customized payment plans and due dates. Accept credit card payments via the Electronic Bill Presentment and Payment (EBPP) portal and allow insureds to check transaction history. 
    • Moratorium Support: Automatically decide moratorium period and leniency towards fees, charges and collections for insured with financial difficulties. 
    • Compensation Distribution: Streamline agent compensation with a rules-based commission engine capable of processing high-volume compensation, charge-backs on policy events, commission sharing/sacrificing and automating commission advances. Calculate flexible commission contracts with variable incentives, commission plans and payments. 
HawkSoft
HawkSoft
Start Price
$250
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked HawkSoft

Is HawkSoft Insurance software for the birds, or will it make your agency soar?

Over the past year, user reviews on HawkSoft have been largely positive, with many highlighting its intuitive interface and robust features as major strengths. Users particularly appreciate the platform's policy management capabilities, noting that it streamlines tasks like underwriting, quoting, and renewals, which are essential for daily operations. The built-in reporting and analytics tools, dubbed "Agency Intelligence," also receive praise for providing valuable insights into sales pipelines, client retention, and growth opportunities. However, some users have pointed out that the software's integration with third-party applications could be improved, citing occasional difficulties with data syncing and limited compatibility options. Despite this drawback, many users consider HawkSoft a worthwhile investment due to its comprehensive feature set and user-friendly design, especially when compared to competitors with less intuitive interfaces or fragmented functionalities. In conclusion, HawkSoft appears to be best suited for independent insurance agencies of all sizes looking to streamline their operations, improve client management, and gain a competitive edge. Its robust features, combined with its user-friendly interface, make it a powerful tool for agencies seeking to enhance efficiency and drive growth.

Pros & Cons

  • Easy to Use: Many users find HawkSoft's interface intuitive and easy to navigate, even for those who are new to insurance software. They appreciate the straightforward design and clear labeling of features, making it simple to find what they need.
  • Comprehensive Features: HawkSoft offers a wide range of features that cater to the needs of insurance agencies, including policy management, client tracking, reporting, and more. Users appreciate having all the tools they need in one place, streamlining their workflow.
  • Excellent Customer Support: HawkSoft is known for its responsive and helpful customer support team. Users praise the quick turnaround times and the ability to reach knowledgeable representatives who can assist with any issues or questions.
  • Strong Integrations: HawkSoft integrates seamlessly with other popular business applications, such as accounting software and email marketing platforms. This allows users to connect their systems and automate tasks, saving time and effort.
  • Limited Customization: Some users find the system's rigid structure limits their ability to tailor workflows to their specific needs, leading to inefficiencies. For example, they may struggle to create custom reports or automate tasks that are unique to their agency.
  • Steep Learning Curve: The software's complexity can be daunting for new users, requiring significant time and effort to master. This can lead to frustration and slow adoption, especially for smaller agencies with limited resources.
  • Integration Challenges: Integrating HawkSoft with other essential business tools, such as CRM or accounting software, can be difficult and time-consuming. This can create data silos and hinder overall efficiency.
  • Customer Support Issues: Some users have reported inconsistent or slow response times from HawkSoft's customer support team. This can be frustrating when encountering technical difficulties or needing assistance with complex tasks.

Key Features

  • Agency Management System: Implement a consistent and reliable documentation process for all carriers, policyholders and agents. Set up automated strategies for client communication, marketing campaigns, lead generation, task assignments and notifications. Run reports on productivity, profitability, revenue and more. 
  • Agency Intelligence: Generate customized reports on policyholder data, sales pipeline forecasts, account rounding, cross-selling and more. Use data visualization to aid in business decision-making. 
  • Agent Portal: Access policy information, client data and communication from any device with an internet connection. Limit access to sensitive data with permission-based restrictions. 
  • API Integrations: Integrate with multiple third-party applications with the API-based architecture. Supported applications include AgencyZoom, Bridge, Fuse, InsuredMine, Renew King, Rocket Referrals and many more. 
  • Accounting: Seamlessly create and maintain trust and operating accounts in tandem with QuickBooks. 
    • Trust Accounting: Issue invoices, accept payments, verify receipts, track receivables and payables, upload carrier payments and perform year-end reconciliations with built-in tools. Run reports on paid commissions, customer receivables, agent fees and more. 
    • Operating Accounting: Directly integrate with QuickBooks to synchronize both trust and operating accounts. Track expenses and compulsory personal accidents (CPA) and measure KPIs. 
  • E-signature: Optimize the application and renewal process with the built-in e-signature tool. Securely maintain digital records and send texts or emails to request signatures. 
  • Mobile Application: The mobile app provides clients with dedicated self-service, 24/7 access to their policy details and ID cards. Agents can send push notifications, as well as share accident and claim reports and photos in accordance with ACORD regulations. 
  • Rater: Choose a rater service and get a direct feed of accurate quotes from multiple carriers. Clients can seamlessly compare and choose from relevant rate quotes. Supported raters include ITC TurboRater, Applied Rater, Agency Computer Systems (ACS), AccuAgency and more. 
  • Self-service Certificates: Allow insured parties to generate self-service certificates. Provide access via links and revoke certificates as per requirements. Clients can log in to the portal with their email addresses and verification codes. 
  • Client Communication: Communicate with clients via text message and share images with them, all accessible directly from their files. Turn on desktop notifications for essential customers. Comply with TCPA regulations by asking insured clients for their consent before initiating contact. 
  • Website: Choose from multiple SEO-optimized website packages preconfigured with insurance-specific content. Capture more leads with automated marketing campaigns and enriching content such as videos, articles and infographics. Track website traffic via Google Analytics. 
Insurity
Insurity
Company Size
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Deployment
Cloud On-Premise
Platform
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Key Features

  • Policy Decisions: Provide Bureau-based insurance products for over 20 commercial lines across ISO, NCCI and AAIS. Leverage third-party integrations, embedded data, predictive modeling and analytics to create personalized workflows and role-driven screens. Automatically update regulatory content. Create tailored user interfaces for every distribution channel. 
  • Bridge Specialty: Create and define policies and business lines with screen-based Bridge SmartTools. Set up configurable transaction workflows for renewals, adjustments, endorsements, cancellations, businesses and more. Record data elements and risk information for all transactions and lines of business. 
    • Data Capture: Automatically validate data going through workflows and trigger relevant activities. Implement exact or fuzzy logic match criteria to identify risk elements. Account for insuring conditions and exclusions while calculating premiums, taxes, commissions and fees. 
    • Automatic Referrals: Smoothly transmits policy information from agents to underwriters. Provides dedicated notification and submission queues. 
    • Mobile Access: Access policy information on any device with an internet connection, complete with dynamic user interface, fields and screens. 
    • Plug-In Integration: Seamlessly integrate with internal or third-party applications, including rating engines, document management systems, clearance, back-office accounting and data providers. 
  • Workers’ CompXPress: Manage workers’ compensation policies with rules-based rates from different states, tiers and algorithms. Suggest multiple quotes based on relevant plans, credits/debits and other pertinent factors. Automatically populate and print endorsement and policy forms in batches and pinpoint delinquent policies. Built-in logic accounts for class codes, loss ratio, industry, renewals and client-specific underwriting rules. Automatically flag policies for renewal and underwriter review. 
    • Reporting: Run preconfigured financial, management and exception reports. The user-friendly dashboard supports data visualization. 
    • Information Management: Provides tiered data entry for all information associated with agency, broker, branch and agent. 
Applied Epic
Applied Epic
Start Price
$1,000
One-Time
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Applied Epic

Reviews of Applied Epic over the past year reveal a robust platform with a steep learning curve. Users frequently mention the extensive customization options as a significant advantage, allowing agencies to tailor workflows and data fields to their specific needs. This flexibility, however, contributes to the complexity of the system, making it challenging for new users to navigate and master. The comprehensive functionality of Applied Epic is often compared favorably to competitors like AMS360 and QQCatalyst, particularly in its ability to handle complex commercial lines and large volumes of data. While users appreciate the depth of features, some find the interface less intuitive than other platforms, leading to a longer onboarding process. Applied Epic's strength lies in its scalability and ability to support the intricate needs of large, independent insurance agencies with diverse portfolios and high-volume operations.

Pros & Cons

  • Comprehensive Functionality: Applied Epic provides a wide range of features that cater to various insurance needs, including policy management, claims processing, billing, and customer relationship management. This comprehensive functionality can streamline operations and improve efficiency for insurance agencies and brokerages.
  • Cloud-Based Solution: As a cloud-based software, Applied Epic offers accessibility and scalability benefits. Users can access the system from anywhere with an internet connection, and the software can easily adapt to the changing needs of a growing business.
  • Customization Options: Applied Epic allows for a high degree of customization, enabling users to tailor the system to their specific workflows and requirements. This flexibility ensures that the software can meet the unique needs of different insurance businesses.
  • Integrations: The software integrates with various third-party applications, such as accounting software, marketing automation tools, and document management systems. These integrations can further enhance efficiency and data flow between different business systems.
  • Steep Learning Curve: Applied Epic's interface can be overwhelming for new users due to its extensive customization options and complex workflows. The abundance of features and functions often necessitates comprehensive training, leading to a prolonged onboarding process.
  • Performance Issues: Users frequently report slow loading times and system lags, particularly when handling large datasets or complex tasks. This can hinder productivity and cause frustration, especially for time-sensitive operations.
  • Integration Challenges: Integrating Applied Epic with existing systems and third-party applications can be a complex undertaking. It often requires significant customization and technical expertise, leading to additional implementation costs and potential compatibility issues.

Key Features

  • P&C and Benefits Management: Get a 360-degree view of property and casualty insurance and benefits within a single application. 
  • Process Management and Automation: Use the myEpic tool to implement preconfigured, automated workflows across multiple business processes. 
  • Sales Automation: Leverage automated strategies to track, view and forecast sales opportunities in real time. 
  • Document Management: Securely store and organize client and vendor information across multiple folder levels. Search for specific documents and track complete version history. 
  • Omnichannel Policy Information: Integrate with preexisting customer portals and mobile applications to provide accurate policy information. 
  • Insurer Connectivity: Log in to IVANS Exchange via single sign-on to track current and new download connections to ensure insurer and MGA connectivity. 
  • Marketing: Market products to the right agents at the exact moment they are searching for markets for new and renewal business, via IVANS Market Appetite. Leverage insights through data analytics dashboards to view agency search views, top agencies and risk profile interest. 
  • Text Messaging: Send tailored individual and mass text messages to clients, depending on their locations. 
  • Outlook Integration: Integrate with Microsoft Outlook to get unrestricted access to all contacts, emails and attachments. 
  • Renewal Management: Expedite renewal processing with the Renewals Manager tool. 
  • Electronic Signature: Process applications and renewals faster by sending multiple folders for e-signature at once. 
  • Data Prefill: Automatically populate rate quotes with data from LexisNexis. 
Gen4
Gen4
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Deployment
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Key Features

  • Agency CRM: Monitor clients, carriers, prospects, leads, relationships and more from the same portal. Build customizable dashboards to track client issues, leads, to-dos, renewals, follow-ups and more. 
    • Pipeline Management: Leverage variable pipeline views to sort sales opportunities by stage, closure date, renewal and more. Track insurance metrics to determine pipeline health grades. 
    • Sales: Automatically log client communication, next steps and meeting notes. Seamlessly import, assign and track leads. Run reports on the sales team and pipeline productivity. 
    • Automation and Workflow: Set up customizable, multistep workflows for customer outreach, annual services, renewals, onboarding, applications and more. Perform automated census requests and schedule annual renewal decisions and customer check-ins. 
    • Task Distribution: Automatically organize key tasks, events, follow-ups and deliverables and prepare interactive checklists for critical tasks. Synchronize calendars across multiple teams and business units. 
  • Online Enrollment: Adopt a simple, step-by-step online enrollment procedure for potential clients. Share enrollment data with carriers via Excel reports. Provide enrollment support for core plans, broad life insurance plans, 401(k) and retirement plans, cafeteria, EAP and non-conventional plans. 
  • Benefit Websites: Create a self-service benefit website with out-of-the-box, customizable templates or build a completely new one. Allow clients to access policies, documents, benefits, vacation schedules, onboarding forms, transaction records and more. 
  • Document Storage: Securely store all documents, including policy summaries, rate sheets, broker of records (BOR) and more. 
  • Mobile Application: Get unrestricted mobile access to the platform from any device with an internet connection. 
  • Commissions: Automatically process PDF checks and import Excel and CSV commission statements. Safeguard against missing commissions and chargebacks with agent split credits and clawbacks. Pay agents via n-way splits, time-based splits, and hierarchy splits. Track all commissions via the agent split library for accurate payouts. 
  • Client Service: Call clients, schedule appointments and take notes with a single click. Synchronize the agency’s calendar with Microsoft Outlook and track service deliverables directly from the dashboard. Use checklists to track critical deliverables, enrollment and renewal items. Get regular status updates on pending tasks and run reports on service efficiency and productivity. 
  • Outlook Integration: Integrate with Microsoft Outlook to synchronize emails, attachments, policies and tasks. Access client records, carrier history and other essential information directly from Outlook. Use the client dashboard to create tasks from emails, access policy data and review operational issues. 
  • Policy Management: Track plan benefit summaries, contracts, underwriting documents, rate sheets and more with drag-and-drop extensions. Define how much data to track for individual and group insurance products. 
  • Renewals: Use routing questions to prepare tailored renewal processes. Automatically assign renewal tasks and share relevant notes and checklists. Allow multiple team members to work on the same tasks simultaneously. Program the platform to issue alerts for legitimate issues. 

COMPARE THE BEST Insurance Rating Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Insurance Rating Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
EZLynx
$350
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
EZLynx
AMS360
$99
Per User, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
AMS360
agencybloc
$70
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
agencybloc
Guidewire
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Guidewire
Duck Creek
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Duck Creek
Majesco
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Majesco
HawkSoft
$250
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
HawkSoft
Insurity
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Insurity
Applied Epic
$1,000
One-Time
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Applied Epic
Gen4
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Gen4

All Insurance Rating Software (28 found)

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Sapiens

by Sapiens
Sapiens
Sapiens offers brokers and insurers a digital ecosystem for managing coverage lifecycles. Users can access comprehensive suites to create and manage workflows for specific coverage sectors.It offers end-to-end automation and third-party integrations in addition to advanced analytical reporting. Users can aggregate data and systemize information to streamline workflows. Optimize business practices, manage traffic and finances, and access administration for different coverage structures.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Damco Solutions

by Damco Group
Damco Solutions
Damco Solutions provide a complete end-to-end, scalable agency management platform designed to digitize and streamline modern day business processes and improve customer relations. It employs various modules to organize and simplify complex procedural data. It automatically logs consumer behaviour, daily activities and transactions to produce a dynamic view of business operations. Predictive analytics generate statistical data reports and business leads required to increase growth and speed to market. Its configurable agency module allows agents to manage claims, policies, renewals, cancellations and enrollments remotely. All data can be shared in real time between the insurers, insured parties and carriers. Its communication portal serves as a central hub for clients, brokers, agents and vendors. The multi-device architecture allows policyholders to manage their policies, raise claims, perform cancellations and more through interactive chats. Insurers can process requests in real time in addition to up-selling and cross-selling products. Users can automate daily tasks, reminders, information updation and policy administration. It surveys market trends to generate rate quotes, discounts and recommendations. It centrally secures all data for error-free bookkeeping. Its blockchain-based payment module automatically verifies customer identities to protect against fraud.
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Socotra

by Socotra
Socotra
Socotra provides agencies with a comprehensive digital platform to build and manage insurance products. It allows users to develop products, automate tasks and optimize administration practices. Users can manage claim and policy information and securely store data in one hub.It provides customer oversight through engagement reports and readable analytics. Enable third-party connections and extend native capabilities using flexible API architecture.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Indio

by Indio Technologies
Indio
Indio provides agencies with an innovative platform to manage insurance. It unifies application and renewal processes to centralize data collection, remove accounting errors and eliminate data redundancies. Users can access its library of over 10,000 smart forms to automate customer outreach, improve application time, speed up claims processing and eliminate errors and omissions. Its customizable automap technology answers similar questions in subsequent applications and hides redundant data based on consumer inputs for a more direct, personalized and faster user experience. Users can automate renewal processes, track client workbooks and collaborate across teams on client data. It can also generate eSignatures for swifter application processing.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Insly

by Insly
Insly
Insly is a cloud-based service that provides agencies with a comprehensive dashboard to create products and oversee customer activity. It offers digital building tools, sales tracking, engagement reporting and seamless integrations.Users can simplify solution development with intuitive coding and API-friendly architecture. Optimize business practices and automate management workflows for improved productivity. Expedite policy processing, track asset reports and securely manage documents.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Wynsure

by Mphasis Wyde
Wynsure
Wynsure is a scalable solution for brokers and insurers to create an online ecosystem for visualizing and automating digital processes. This version offers lifecycle management, personalized employee portals and flexible architecture for seamless integrations.It provides users with advanced administration and front and back-office management. Optimize workflows, track client information and evaluate consumable analytics in one hub.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

DRC RS X

by Majesco
DRC RS X
DRC RS X Rating is a rating engine that supports the DRC platform (acquired by Majesco), allowing users to create and manage insurance products. It is offered in three versions, Standard, Plus and Enterprise with varying price points and included features. Each variation supports specific business needs. All include the ability to manage traffic, access office administration and enable cloud hosting.
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Oracle Financial Services For Insurance

by Oracle
Oracle Financial Services For Insurance
Oracle Financial Services For Insurance is a comprehensive software solution designed to streamline and optimize various insurance-related tasks. It is particularly well-suited for insurance companies seeking to enhance their operational efficiency, regulatory compliance, and customer service. The software offers a range of benefits, including improved data management, automated processes, and advanced analytics, which collectively contribute to more informed decision-making and reduced operational costs. Popular features of Oracle Financial Services For Insurance include policy administration, claims management, and financial reporting. These features are designed to integrate seamlessly, providing a cohesive user experience that simplifies complex insurance workflows. Users often highlight the software's robust analytics capabilities and its ability to handle large volumes of data with ease. Compared to similar products, Oracle Financial Services For Insurance is frequently praised for its scalability and reliability. Pricing for the software typically varies based on the size of the organization and the specific modules required, with options for annual or multi-year subscriptions. This flexibility allows companies to tailor the solution to their unique needs and budget constraints.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Buyer's Guide

Insurance Rating Software Is All About Empowering Underwriters With Fast Accurate Information 

By Hayleigh Breeze, Technical Content Writer at SelectHub

Insurance Rating Software BG Intro

If you’re an insurance provider looking to make your workday smoother, look no further than insurance rating software. Insurance rating software systems enable underwriters to quickly generate the data they need while providing accurate ratings and premiums. Underwriters can rely on faster, more accurate data powered by automation software and artificial intelligence.

Insurance rating software typically include a rating engine, comprehensive data and document management, and various types of hosting and integration. Due to heavy growth during the COVID-19 outbreak, insurance agencies are working on digitizing processes now more than ever, and rating software can be a game-changer for firms in the current market. Below is an overview of insurance rating software, a summary of key features and benefits, a comparison strategy, and cost and pricing information.

Executive Summary

  • Automate processes during the initial stages of the coverage lifecycle to reduce errors and increase productivity.
  • Generate documents and data that can expedite the underwriting process.
  • Store data and enhance security with multiple types of deployment.
  • Understand client expectations with real-time data and readable analytics.
What This Guide Covers:

What Is Insurance Rating Software?

Insurance rating software can expedite processes throughout the coverage lifecycle and is an essential part of the insurance software ecosystem. Each software can provide a specific level of service based on different requirements. Using a rating engine can improve the speed and accuracy of data, simplifying the entire process for underwriters.

Insurance Rating Software Categories

Types of Deployment in Insurance Rating Software

The two different types of deployment offered are cloud-based and on-premise hosting. Each has advantages and disadvantages depending on how an insurance firm operates. The best deployment type for an organization is based on the agency size and the current processes. By determining the best deployment type for your organization, you can reduce overall costs and improve efficiency.

Primary Benefits

Primary Benefits of Insurance Rating Software

Improved Accuracy

Streamline underwriting tasks and reduce common clerical mistakes. Generating accurate data from the start can save time and reduce errors throughout the agency's operation. Comprehending readable analytics can simplify the reporting process and provide accurate information.

Boosted Productivity

Use automation and artificial intelligence to optimize processes. Decrease the time spent on manual tasks and focus the underwriter’s attention on more complex procedures. Manage documents, model portals, and seamlessly integrate with external applications for improved efficiency.

Enhanced Data Management

Archive data and access important information quickly with document management and secured repositories. Reduce disruptive task switching by grouping data in one location for easy access. Find essential documents fast with secured storage for client and company data.

Reduced Costs

Cut costs and increase profitability by enabling automation to improve productivity and efficiency throughout the coverage lifecycle. Save time and lessen expenses by creating templates for various scenarios.

Features & Functionality

Rating Engine

Use an in-house or external rating system to generate accurate data for underwriters and agents. Simplify procedures and automate specific tasks for enhanced efficiency. Use rule-driven architecture to generate accurate premiums. Simplify operations by setting clear guidelines for the creation of data sets.
Underwriting Procedures

Access comprehensive document management. Leverage real-time data to define variables about clients for expedited underwriting processes. Some insurance rating software enables notification updates for brokers, identifying the current status of the underwriter for enhanced efficiency. Automate underwriting tasks for improved productivity.
Document Manager

Generate and securely store documents in one location for simplified access. Authorize version control and update documents in real-time.
Modeling

Enable users to report data using generated screens. Utilize various formats to reduce the time spent creating forms and documentation, and increase the time spent focusing the underwriter's attention on the task at hand.
Integrations

Integrations can play an integral part in insurance rating software. Expand capabilities and simplify different management facets of the coverage lifecycle by utilizing external applications.

Connect with third-party programs to collect data and provide a summary view of information. Use flexible architecture to access external data repositories with seamless integration capabilities.
Hosting

Utilize cloud-based or on-premise hosting to offer agents and brokers immediate access to information. Secure and organize hosting protocols to match business requirements.

Software Comparison Strategy

When it comes to insurance rating software, some systems work more efficiently depending on the agency's business requirements. Insurance software is a broad term and can cater to almost any similar or included system within the suite of coverage solutions. Looking at software with high rankings for underwriting and rating management will allow the assessment of different rating engines and underwriting services versus all service solutions offered by the current industry. Some software provides different versions of base rating solutions. Depending on the agency's requirements, additional features and capabilities may be available for purchase.

Cost & Pricing Considerations

Variations of software can heavily impact the rate of growth and scalability of your business. It’s crucial to know if there are additional features available or included that could benefit the current position of software buyers and business owners.

Consider these five factors when looking at insurance rating software.

  1. The implementation type and hosting.
  2. The current software and systems the agency is using.
  3. The cost of any additional integrations.
  4. The size of the agency.
  5. The firm’s budget for insurance rating software.

Most Popular Insurance Rating Software

Here is a list including three of the most popular systems in the industry.

FINEOS

FINEOS is a comprehensive solution for managing the coverage lifecycle. It specializes in rating, traffic management and automation. Use an in-house rating system to aggregate data and determine variables about clients. It allows access to real-time data and readable analytics to enhance processes. Utilize administration, policy and claims management in one hub.

FINEOS

Account for all variable factors while calculating coverage.

Sapiens

Sapiens provides agencies with a complete system for managing the insurance lifecycle. It allows automation and digitization of outdated systems and offers rating and underwriting services to enhance productivity and improve efficiency.

Sapiens

Create and execute new decisions for every task.

DRC RS X

DRC RS X is a rating engine-specific software designed to simplify rating and underwriting processes. It provides access to an internal rating engine, traffic manager, multiple types of hosting and web-based administration tools.

 

 

Questions to Ask

A successful search starts with asking the right questions. Here are some ideas to get you started with internal conversations:

Insurance Rating Software Key Questions to Ask

  • What processes do we need to improve?
  • Which features are critical to have and which can we live without?
  • Which tasks are most important to automate?
  • How much are we willing to spend on a new solution?
  • How critical are analytics and reporting capabilities?

Use these questions as a starting point for conversations with vendors:

  • What’s the time frame for implementation?
  • What additional integrations are supported?
  • What kind of support is offered?
  • When are product updates, and how often?
  • Are there additional charges for any features or services?

In Conclusion

Staying ahead in today’s insurance market can be a challenging task. Insurance rating software can simplify and streamline the rating and underwriting, improving productivity and providing the necessary data to make critical decisions. Save your underwriters time by selecting the write insurance rating software for your needs.

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
See Full Bio
Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
See Full Bio
Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
See Full Bio
Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
See Full Bio