Best Insurance Rating Software – Review of Comparative Raters 2019

A comparative rater helps you compare quotes from multiple carriers at the same time without having to key into each carrier’s website individually. It is very important for an independent agent because it gives you the ability to offer the best price for your clients provided by all your licensed carriers while saving you valuable time and money.

Do you need a comparative rater?

Many agencies are currently underutilizing or are even working completely without a comparative rater. While this is possible, these agencies are doing a disadvantage to themselves because they are cutting into their own profitability. The comparative rater provides

the ability to quickly and accurately fulfill a quote request by automating the quoting process while freeing up time for you and your employees to focus on new sales and account rounding activities. This increases both the revenue of your agency and the satisfaction of your customers. In addition, the ease of one-time data entry into the comparative rater of the Comparative Rater reduces errors and requires less training for employees.

Which is the best comparative rater?

Review of comparative rater 2019

Source: resources.getitc.com

Below, we have reviewed the three major comparative raters in the market right now. Each rater has its own pros and cons, so it is best to weigh all your options before committing to one.

 EZLynx
TurboRaterPL Rating
CompanyEZLynxInsurance Technologies CorporationVertafore
Customer Support
  • Business Hours

  • Online

  • Business Hours

  • Online

  • Online

Training
  • Documentation

  • Webinars

  • Documentation

  • Webinars

  • Live Online

  • Documentation

  • Webinars at Vertafore University

  • Live Online

  • Information portal: SilverPlume  Reference Connect

Insurance Rating Features
  • Broker/Agent Portal

  • Carrier Upload

  • Commercial Lines

  • Customer Portal

  • Casualty Insurance

  • Personal & Casualty Insurance

  • Multi-State

  • Multiple Line Rating

  • Broker/Agent Portal

  • Carrier Upload

  • Customer Portal

  • Personal Insurance

  • Multi-State

  • Multiple Line Rating

  • Carrier Upload

  • Multiple Line Rating

EZLynx

EZLynx is considered to be the industry leader in comparative quoting. Their web-based technology enables consumers to obtain instant quotes from around 210 carriers in 48 countries.

Quoting Process:

Once the customer information is collected, a licensed agent can feed that information to EZLynx and select carriers to get quotes from. The platform will generate any additional carrier-specific questions. This information is directly submitted to the selected carriers. Once the carriers create quotes and they are ready to be viewed, the agents will get a notification. The quoting process takes between few seconds to few minutes. An additional perk is that you can also access quotes from your mobile device, even when you are on-the-go.

Feature highlights:

Tier 1Tier 1.5Tier QAS
AMS IntegrationOne-way integration

Can only upload data/information

Can only link to EZ Lynx AMS, not external AMS
Two-way integration

Can pull Applicant info

Can pull Risk data

Can pull Quote data
Two-way integration with over 20 AMS and compatible lead-gen sites
Agent involvementChoose Carriers & carrier specific questionsChoose Carriers & carrier specific questionsNo agent involvement reqd., but cannot auto-bind with a carrier
Cost$5,000 Licensing Setup

$1,000 annual fee from year 2

$0.25/applicant

$250 monthly minimum
$10,000 Licensing Setup
$2,000 annual fee from year 2$0.35/ applicant$500 monthly minimum
$35,000 Licensing Setup

$7,000 annual fee from year 2

$0.35/applicant

$500 monthly minimum

OR

$0.15/ transaction

$3500 monthly Minimum

TurboRater

TurboRater is a web-based comparative rater for personal lines which makes it light and fast software. Whether you are a quick service agency or a relationship-oriented agency, this rater helps you grow more efficiently. It automates the process of providing insurance quotes from multiple carriers for your customers.

Quoting Process:

A licensed agent can enter the information once in their single screen entry which reduces the risk of data-entry errors. The online software uses integrated underwriting rules to deliver accurate rates within four seconds, on average.

Features:

  • Web-based;
  • it is accessible from any Internet-connected device, which makes it easy to share quotes between offices.
  • Uses cloud storage to back up your data daily
  • Does not require manual software updates, so the insurance rates are accurate and up-to-date.
  • Cost-effective solution without the need for expensive servers and equipment
  • Extensive reporting capabilities let you monitor your agency’s performance.
  • For Homeowners’ insurance, you can do a property lookup using the insured’s info: CoreLogic
PricingStarterProfessionalEnterprise
Initial Setup1$ 70.00$ 100.00$ 170.00
Recurring$ 70.00$ 100.00$ 170.00
MonthlyMonthlyMonthly
IncludesStarterProfessionalEnterprise
Users123
Enabled CompaniesUnlimitedUnlimitedUnlimited
Locations11Unlimited

PL Rating

PL Rating is a real-time, comparative rater that allows agents to quickly close their business and expand their personal line business through cross-selling opportunities, multi-carrier quotation, consumer quotation and easy quotation of multiple personal lines.

Quoting Process:

A licensed agent can fill out the client’s basic demographic information in the platform, and once you choose the quote type (Home/Auto), you are presented with a list of carriers that are marked in green dots which represent real-time quotes along with those marked in black dots which represent manufactured rates. Once the application process is completed, the information is forwarded to the carriers.

Features:

  • Automatically pulls and populates driver’s DMV history and vehicle information using LexisNexis
  • Automatically pulls and populates property information using CoreLogic
  • Can create risk proposals based on home address
  • Built-in data integrations within PL Rating mean there’s no need to reference multiple tools.
  • Integrate with your own AMS, or use with Vertafore’s AMS – QQ C
Cost
QQ Catalyst$99/month per user
  • PL Rating

Set-up fee: $205

$220/month, 1-5 users,

$290/month, 5-10 users

$675/month, 36-40 users
  • Reference Connect (includes Rough Notes)

Setup fee: $200+  

$220/month

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