Technology | Rating Methodology

Most companies currently develop their rating information and publish it in manuals, which are distributed to rating vendors, who then interpret and program the data into their rating software for distribution to agents. There is a huge potential for errors in programming by the rating vendor, not to mention a lag time between the development of rates and the programming.

IBQ changes all of this. We've developed a factor-based methodology that dramatically reduces programming and interpretation errors. Q-Rater relies on the base factors at the core of most insurance company rates. By using base factors, Q-Rater is calculating the rate for each quote rather than searching through a multitude of lookup tables. Consequently, a rate change is incredibly simple and does not require complex programming.

Adding to our quoting precision is the fact that all company underwriting edits, data parameters, required fields are built into the rater and can be easily maintained by either the company or by IBQ.