TurboRater Becomes First Comparative Rater to Offer Usage-Based Rating

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ITC releases usage-based insurance rating to TurboRater, its personal lines comparative rater. TurboRater is the first comparative rating system to offer usage-based insurance rating.

ITC's comparative rating system TurboRater

ITC's comparative rating system TurboRater

The next big thing in auto insurance is usage-based insurance, which is why we added this capability to TurboRater.

Insurance Technologies Corporation (ITC), a provider of marketing, rating and management software and services, announced today the release of usage-based insurance rating to TurboRater, its personal lines insurance rating and sales system, making it the first comparative rater to offer usage-based insurance rating.

Working with various companies, ITC will provide telematics data to independent agents and insurance carriers during the rating process through the comparative rating system. Agents and brokers will be able to request rates in TurboRater from multiple insurers that offer telematics-monitored usage-based insurance policies.

“With usage-based insurance, insurers can refine their risk assessment using actual data, which allows them to charge premiums that are more consistent with the actual exposure,” said AnMarie Bozick, CIC, comparative rating product manager at ITC. “To effectively compete with direct writers offering usage-based insurance, independent agents need to be able to rate these policies. Now they can with TurboRater while also maintaining profitable margins for the carriers they represent.”

Usage-based insurance is a growing trend in the auto insurance industry. Twenty-three states have five or more insurers that currently offer a telematics UBI program. According to a report by the National Association of Insurance Commissioners, 36 percent of all auto insurance carriers will use data from telematics devices by 2020.

“The next big thing in auto insurance is usage-based insurance, which is why we added this capability to TurboRater,” said Laird Rixford, president at ITC. “Usage-based insurance has been around since 2008, and consumer awareness of it has tripled in the last three years. We saw the trend growing and knew independent agents would need to rate these policies to compete. No other comparative rater can rate these policies at this time.”

Consumers are attracted to usage-based insurance policies because they have a direct influence on the cost of their policy. These policies help carriers keep their losses to a minimum as consumers are mitigating driving behavior. The lower loss ratios improve profitability for the insurance carrier as well as the independent agent.

About TurboRater

TurboRater is a personal lines web-based insurance rating and sales system. It automates the quoting process for independent insurance agencies and brokers. An agent enters the policy information once into TurboRater and receives a comprehensive, accurate rate quote for multiple carriers in seconds. Because it is a web-based program, no manual updates are needed to download company rate changes. TurboRater is available in the following 23 states: Arizona, Arkansas, California, Colorado, Florida, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

About ITC

Insurance Technologies Corporation (ITC), founded in 1983, provides agency marketing, rating and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC helps its customers across the United States grow their businesses and become more efficient through the philosophy of providing quality software and services. Currently, ITC serves more than 200 insurance companies and more than 6,000 agencies. For more information, visit us online at GetITC.com.

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Becky Schroeder

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@InsTechCorp
since: 05/2009
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