A new combination of actuarial and market analysis software will help insurers better compare premium and rating plan differences and review rate quotation data, according to a statement released by the two companies who created the product.
The two companies, Bloomington, Ill.-based Inc. and Reno, Nev.-based , have combined the former’s RateMapper analytical, pricing and mapping tool directly into the latter’s MapPro CM market analysis software.
RateMapper is designed to make market analysis easier by creating color-coded maps useful for territorial analysis and clustering models. These maps quickly identify pertinent rate factors for personal auto, homeowners and business owners insurance lines.
The MapPro CM rating engine, meanwhile, is supposed to provide fast, accurate and stable rate information. It is designed to produce loads of personal lines premium data, factors, base rates and other information into spreadsheet-compatible media. When used with RateMapper’s accurate territory alignment and company-specific driver assignments, customers can get detailed and comparative analysis for insurance company actuarial, market analyst and pricing personnel, the statement said.
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