What is a Comparative Rater?
A Comparative Rater is an insurance software tool that will rate a given insurance risk across multiple insurance carriers and display rate quotes for that insurance risk. Comparative Rating software is used by Independent Insurance Agents (IIA) and by Personal Property and Casualty (P&C) Carriers. Independent Insurance Agents are able to rate prospective insurance applicants using a comparative rater and factor what premium that applicant is eligible to purchase insurance at. Personal Property and Casualty Carriers are able to gather rate information and conduct market analysis using a Comparative Rater.
Comparative rating software will apply carrier underwriting rules, surcharges and discounts on the insurance risk during rating. Comparative rating software is readily available in two forms of computer software. PC Based Comparative Rating software which is a computer application locally installed on a computer. Web Based Comparative Rating software is accessible on the internet via a computer web browser. A Comparative Rater is a software tool useful to both Independent Insurance Agents and Personal Property Casualty Carriers for use in rating insurance risks.
