Commercial Insurance Comparative Rater

laib

New Member
2
Hi, I would like to be able to enter quote information once on a single platform and obtain quotes from multiple carriers in real-time for small commercial lines. Does anyone know of any good comparative raters for small commercial insurance?

I have seen advertisement of comparative raters for commercial lines, some offered as part of the agency management systems, but I am curious if anyone has direct experience and can share how well they work?
 
The problem with comparative rating is the only thing being compared is the price, not the coverage. If you're comparatively rating 4 BOP policies, the coverage differences can be significant. It's possible that the lowest quote provides coverages as good or better than the others. But it's also very possible that the reason it's the lowest quote is because it has inferior coverage. Seek to identify exposures and properly insure them with the right product package, then consider which is the better value. You haven't properly served the customer if they choose the quote that's the cheapest only to discover when a $250,000 claim is denied that they could have bought the product that covered that claim for $300 more.
 
Certainly something to consider @InsCommentary however comparative raters have come a very long way since 2017 and many platforms can add those additional coverages to get an accurate rate.

There are quite a few available and some things to consider would be carriers present, integration with your agency management system and of course cost. In addition to the three on this thread, it would be worth it to check out IBQ Systems new commercial lines rater Commercial Comparative Rater - IBQ Systems
 

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