When choosing an automated rating system, many carriers, administrators, and MGA’s assume all they need is the data. Depending on your insurance needs, this may be true. But before making that decision, you should probably consider the options that a more comprehensive system, such as NetRate, might be able to offer.
One of the primary considerations is, of course, how much functionality you need. If your computers already have the ability to generate policy documents and ISO (Insurance Services Office) statistics, and collect data from agencies such as the DMV, then you probably just need an off the shelf system to provide the essential data. But if you lack these capabilities, then you may want to consider something more robust. Or, if you have these capabilities to some degree but would like more consistency and accuracy across your documentation, then you might want something more comprehensive.
Web integration is another thing to think about. Do you need a system that integrates to the Internet? Without this feature, you and your employees may have to spend countless hours translating data so your computers can understand it. Some automated system providers even offer web hosting, which may greatly simplify running your business.
Even if an off the shelf system is what you need, it might be wise to pick one like NetRate, which starts at naked data and goes all the way to full customization. A system like this will allow you to add features if and when you need them.