THE EVOLUTION OF PERSONAL LINES RATERS
WHAT THE TECH LEADERS IN THE SPACE ARE SEEING
Comparative raters for Personal Lines have been part of the digital transformation in the industry since 2007. Now, they ' ve evolved into more robust solutions for Personal Lines workflow.
As EZLynx describes it, " A comparative rater is a tool that lets agents enter insurance applicants’ data once and then send out quotes to multiple carriers. Those carriers then submit their quotes back to the agency, and the agency can then share them with their customer and recommend which one provides the best coverage at the right price." 1
What should a good PL rater help you agency accomplish? As Zywave notes 2 about their tool, TurboRater, the tool should:
• Provide your customers with the valuable service of finding the right coverage needed for the best price
• Help you quickly understand coverage and price options from several carriers with built-in underwriting rules
• Support your team to stop wasting time entering quote information into multiple carrier websites or other agency tools and decrease the opportunity for data entry errors
What are some of the trends we ' re seeing for rating PL? We talked with some of the realted solution providers from the InsurTech world that are trying to provide innovation in the space.
INSURTECH FOUNDER INSIGHTS
Ahmad Jaffery, Co-founder of Quotamation: " Quotamation was built from the inside out— by agents, for agents – so we’ ve seen firsthand how personal lines raters have evolved. The early tools were helpful but often siloed, clunky, and geared more toward carriers than agencies.
Today’ s insurance consumers expect a streamlined, digital quoting experience with minimal friction. Quotamation was built to meet those expectations while preserving the agent’ s vital role: finalizing quotes, explaining coverage, and closing the deal.
What we’ re doing differently with Quotamation is eliminating redundancy and making quoting part of a larger agency growth system— connecting data, goals, and lead management with a sleek rater at the core. That said, we don’ t claim to be the final evolution— we’ re part of a bigger shift toward smarter, integrated, and agent-first platforms."
David Watson, Founder of of RiskAdvisor: " I personally don ' t think raters will ' go away.' I also believe that people look at them the wrong way. If you look at them as a means to a bindable rate you
24 KANSAS INSURANCE AGENT & BROKER