In a highly competitive insurance landscape, speed and accuracy in quoting are essential for success. Small to mid-tier carriers and Managing General Agents (MGAs) competing against industry giants with massive IT budgets may find this a daunting challenge.
It’s not that complicated, though. What’s needed is a policy administration system (PAS) that levels the playing field. Internet Solutions for Insurance (ISi) delivers an enterprise-grade, highly flexible core system equipped with an incredibly powerful automated quoting and rating engine to help smaller insurers stay competitive.
Here is a deep dive into how ISi’s quoting and rating platform transforms the underwriting process, empowers companies to launch products faster, quote more accurately, and grow their book of business.
Line-of-Business Independence
Most legacy policy administration systems are heavily siloed, relying on rigid, hardcoded modules for each specific line of business (LOB). For example, adding a new commercial liability product would require an entirely different database structure from a personal auto product. ISi was intentionally designed to avoid this dilemma.
Instead of relying on rigid columns, ISi utilizes a highly flexible, object-oriented data structure. Every quote and policy is treated as a universal "insurance object." All unique data points are stored dynamically as name/value pairs so that ISi's core architecture can seamlessly route the data through the rating engine to price any P&C line of business without requiring structural database changes.
This LOB independence gives small carriers and MGAs the agility to enter new markets and launch new products in a fraction of the time it would take otherwise.
A Table-Driven Rating Engine
The true powerhouse behind ISi is its internally developed, proprietary rating engine. Rather than hardcoding rate algorithms into the software or relying on third-party raters, ISi uses a highly flexible, table-driven approach managed entirely within the rating database.
All rating rules, data collection displays, and pricing factors are organized into "manuals." When a quote is initiated, the system queries rating tables for the given manual to determine the exact sequential steps required to price that specific risk. This process is known as Rate Order Calculation (ROC).
ISi offers specialized functions to execute complex mathematical equations, apply limits and deductibles, interpolate step-factors, and handle strict rounding rules. Best of all, your in-house development teams can easily modify rate factors, introduce new discounts, or build entire rating algorithms safely without altering the core base code.
The ISi Unified Application (UA)
A powerful rating engine requires an equally powerful data collection interface. ISi utilizes the Unified Application (UA) framework to gather quote data. Unlike legacy interfaces that force a rigid workflow, the UA allows clients to deeply customize their quoting screens, page layouts, and dynamic menus.
The UA is inherently mobile-friendly and has a web design that renders perfectly on desktop monitors, tablets, and smartphones. Because the design adapts to any screen, insurance companies can use the same system for everyone, from their internal underwriters and external agents, all the way down to public customers getting quotes on their phones.
Also important is how the UA utilizes intelligent validation. As users enter data, the system instantly evaluates risk acceptability against your specific underwriting guidelines, triggering automated warnings or hard stops if a risk falls outside your desired profile.
Seamless Data Prefill Integrations
To ensure that generated rates are accurate and fair, ISi pulls real-time intelligence directly into the quoting process. Through deep integrations with third-party data providers, the system automatically pulls data from external databases to prefill application fields.
During a quote, ISi can automatically retrieve auto and property loss histories, Motor Vehicle Records (MVRs), and property risk scores. It also connects to public records (for data such as square footage and year built) and calculates replacement cost value. These integrations allow agents to spend less time on manual data entry, and underwriters can trust that the premium is based on verified and accurate information.
Real-Time Rating (RTR) & Straight-Through Processing
For many carriers and MGAs, growth depends on meeting independent agents in the systems they already use. ISi fully supports Real-Time Rating (RTR), allowing seamless communication with popular comparative rating aggregators.
When an agent submits a risk through their comparative rater, that data is bridged directly into ISi. The engine evaluates it, runs multiple complex pricing scenarios in parallel (such as evaluating different payment plans or coverage tiers), and instantly returns accurate, bindable premiums.
ISi also supports a three-step rate call approach that allows external comparative raters to quote, collect payment, electronically sign documents, and issue the policy straight-through.
In Short
ISi provides small and mid-tier organizations with the automated technology they need to evaluate risks precisely, scale efficiently, and compete with the biggest insurers in the industry. Find out how Modotech can customize ISi to fit your needs. Book a demo today.