Rating Dynamics generates premiums with an accuracy that is unmatched by other comparative raters. We achieve unrivaled accuracy by considering comprehensive rating characteristics and assigning location-based rating variables essential to accurate premium generation by geo-coding every property location. We implement and maintain carrier-specific underwriting manuals, so we can ensure the utmost accuracy to our clients. We also have direct relationships with many of the carriers, which provides us with an avenue for clarifying any rating ambiguity. By taking a proactive approach to maintaining our rating algorithms, all rating modifications are meticulously reviewed and tested to ensure the accuracy of the generated premiums. Collectively, these techniques allow us to generate accurate premiums with industry-leading accuracy to meet your rating needs.
Concerned about manufactured rate accuracy? Rating Dynamics sets itself apart from other manufactured rates and dispels the rate accuracy misconceptions. Here’s how:
Carriers have unique Rating Territory definitions as well as other location-based rating factors like Protection Class and Distance to Coast. When manufacturing rates, it’s impossible to correctly assign these location-based rating factors across the entire state.
At Rating Dynamics, we assign each carrier’s Territory by the Territory Definitions within each carrier’s underwriting manual. Also, every risk we rate is geocoded to determine the exact location of the risk. This two-step process allows Rating Dynamics to assign all location based rating factors in accordance with every carrier we rate.
Manufactured Rates are merely an estimate and not an actual representation of the true rated premium.
The premiums Rating Dynamics produce are not a guess or an approximation; they are rated as each carrier would quote the risk. Our rating algorithms are designed exactly as the Premium Calculation Worksheets are represented in a carrier’s underwriting Manual.
If premiums don’t originate from the carrier’s quoting system, how can I be confident in their accuracy?
At Rating Dynamics, we are only as good as the accuracy of the rates we generate. We achieve this accuracy through a rigorous, multi-step rate verification process. When implementing a new carrier program, or pending rate change, we perform detailed reconciliations between our algorithm and the carrier’s quoting system. This verification process provides confirmation our results match exactly to the carrier’s algorithm. Therefore, our proprietary implementation process results in the same rated premium an agent would generate on the carrier’s quoting site.