22+ Underwriting & Rating Software
1. Applied Epic
2. Oracle Insurance Insbridge Enterprise Rating
3. PL Rating
4. QuoteRush
5. Applied Rater
6. BriteCore
7. Guidewire PolicyCenter
8. TurboRater
9. QQWebRater
10. ACS 2000
11. AIM
12. AQS Quoting Software
13. Compulife Quote
14. EZ-RATER
15. E!Z Work Comp Rater
16. IFoundry Rating Engine
17. InsurQuote
18. LexisNexis Current Carrier
19. LifePipe
20. OpenUnderwriter
21. QuoteBreeze
22. Ratabase
23. SmartRater
What Is Underwriting & Rating Software?
Underwriting & rating software is an insurance software where insurance agents manage the underwriting process in insurance claims and pricing. The underwriting rating software allows insurance agents to create rules and policies that are to be enabled automatically once they are written with the software’s automation capabilities.
Benefits
Underwriting & rating software helps insurance companies to effectively manage and keep track of their underwriting process during insurance opening hours. As the bass underwriters rating software is hugely automated, it helps ease the burden and time for employees when creating rules and policies in insurance management. Through the automation capabilities of the underwriting and pricing of insurance software, the insurance underwriting software can establish the quote pricing for insurance services as it can calculate insurance premiums which can vary according to the policies that are created through the mortgage underwriting software.
Features
Underwriting & rating software should provide tools that allow insurance agents to calculate insurance premiums effectively. The loan underwriting software should also provide policy management software tools that allow them to underwrite policies and rules about insurance policies. The automated underwriting software should also be able to allow agents to manage their underwriting tasks effectively. The commercial underwriting software should be able to allow insurance agents to create auditable underwriting documents. The underwriting platform should also enable the insurance agents to rate document trails related to insurance premiums and other insurance-related documents.
- Calculate insurance premiums
- Write rules and policies through policy management tools
- Manage underwriting tasks
- Create auditable underwriting documents
- Rate insurance document trails
Top 10 Underwriting & Rating Software
1. IFoundry Rating Engine
IFoundry Rating Engine’s bureau rating and analytics software allow insurance companis to model their rate plans simply. IFoundry Rating Engine is owned and developed by Value Monetum, which the parent company has 1,845 employees and earns annual revenue of $267.5 million.
2. Oracle Insurance Insbridge Enterprise Rating
Oracle Insurance Insbridge Enterprise Rating enables insurance agents to improve their marketing strategies in insurance. Oracle has 132,000 employees and earned a revenue of $40 billion in 2021.
3. InsurQuote
InsurQuote helps insurance agents to quote their prices effectively using data activity tracking capabilities. InsurQuote is owned and developed by LexisNexis, which the parent company has 11,449 employees and earns annual revenue of $1 billion.
4. PL Rating
PL Rating provides real-time rating and underwriting software that allows them to beat their competitors with ease. PL Rating is owned and developed by Vertaforce, which the parent company has 2,055 employees and earns annual revenue of $298 million.
5. LifePipe
LifePipe enables insurance agents to quote pricing for insurance plans quickly with high accuracy. LifePipe is owned and developed by iPipeline, which the parent company has 641 employees and earns annual revenue of $92.9 million.
6. QQWebRater
QQWebRater enables insurance companies to automatically quote their pricing with ease. QQWebRater is owned and developed by QQ Solutions, which the parent company has 55 employees and earns annual revenue of $8 million.
7. AQS Quoting Software
AQS Quoting Software’s quoting software enables insurance companis to extensively quote pricing for insurance plans with ease and high accuracy. AQS has around 25 employees and earns a revenue of around $5 million.
8. Compulife Quote
Compulife Quote’s life insurance quote software is proven reliable by insurance agencies thanks to its accurate insurance pricing system. Compulife has around 25 employees and earns annual revenue of $5 million.
9. Ratabase
Ratabase’s rating and underwriting software allow insurance companies to configure and quote price rates for insurance plans easily. Ratabase is owned and developed by CGI, which the parent company has 64 employees and earns annual revenue of $6.4 million.
10. QuoteRush
QuoteRush allows insurance agents to quote their insurance pricing at an affordable price. QuoteRush has 8 employees and earns annual revenue of $1.2 million.
FAQs
What other software integrates well with underwriting and rating software?
Underwriting and rating software usually integrates well with insurance agency management software as it can help insurance companies simplify their insurance-related operations as well as manage other aspects of managing the insurance operations.
How much does underwriting & rating software cost?
Pricing for underwriting & rating software is usually customized, with each software offering different subscription tiers that offer more features as the prices increase. Pricing for underwriting & rating software varies depending on the features available and the intended target insurance companies. Small insurance companies may benefit from low-cost underwriting & rating software while large companies may benefit from high-cost software.
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