The newest agency software feature for the personal lines comparative rating system TurboRater allows agency managers to control the ranking order of the carriers their producers see on the quote comparison list, regardless of rate.
The new TurboRater feature, known as Rank Your Companies, recognizes that producers sometimes act like consumers, picking a carrier based only on price. It also recognizes that some agencies have carriers they like to treat as preferred for a variety of reasons including commission arrangements, coverage offerings, service levels and relationships. It lets agencies have their preferred carriers appear at the top of lists regardless of how they rank in terms of premium.
“We found that producers were sorting on premium and writing business with the companies that were listed first even if the agency principal’s preferred carriers were only dollars higher. Now, agency principals can control which carriers will appear at the top of the list,” said AnMarie Bozick, comparative rating product manager at ITC, in a statement. “This ground breaking feature has reset the standards in selling insurance by putting value back where it should be… on the service and relationships with the carriers.”
According to the firm, agency principals can control the number of carriers that are ranked at the top of the quote comparison list. They can also exclude carriers from a comparison. The ranking order can be different for a specific producer or location if that producer or location needs to focus on producing a certain carrier while the others do not.
The feature is only available on the internal agency TurboRater that producers use to develop recommendations for their auto, home and motorcycle customers. It is not available on the TurboRater web version that consumers see.
Insurance Technologies Corp., which sells TurboRater and other marketing, rating and management software, says a patent is pending on Rank Your Companies. According to the Carrollton, Texas technology firm, its products and services are currently used by more than 200 insurance companies and more than 6,000 agencies.
Source: Insurance Technologies Corp.