Online Commercial Lines Quoting Tool Launched

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by Don Jergler

The launch of a real-time commercial lines rater that gives agents access to a handful of large carriers was announced today by a division of Networked Insurance Agents.

MyNTrack, a division of Grass Valley, Calif.-based Networked, integrates with the technology of seven carriers through the use of cloud computing to produce single-entry, multi-line bindable quotes in more than 4,000 classes, according Paula Joudrey, vice president of MyNTrack.

MyNTrack allows licensed and insured agents online access for a $59 signup and a monthly fee of $39, according to the company, which launched the product without fanfare last week.

There is no commitment to length of membership, no minimum written business and agents are not required to be members of Networked, a wholesale aggregator that provides product to small- and mid-sized agents, according to Joudrey, who is also vice president of marketing for Networked.

MyNTrack is available in 45 states, not including the states of Alaska, California, Florida or Hawaii, which may be added later, according to Joudrey. She said technicians on both coasts split online chat duties so agents in all U.S. time zones can be assisted during business hours.

Right now MyNTrack has only three employees, but “we’ll gear up and grow along with the business,” Joudrey said.

There are no fees per transaction, nor other hidden fees, according to Joudrey.

According to Joudrey, MyNTrack keeps its rates low by relying on pre-existing technical and personnel infrastructure.

“We’ve leveraged our existing technology, so we don’t have a huge nut to crack to recover,” she said. “Our touch is very light. It’s an inexpensive, online self-service model.”

The insurance companies MyNTrack gives agents access to are: Sequoia Insurance, Liberty Mutual, CNA, Chartis, Hartford, Main Street America and Progressive Corp.

The lines it offers are standard preferred markets: business owner’s policies, workers’ compensation, business auto, general liability and umbrella.

And it’s for predominantly small businesses, so depending on the risk, policies can go up to $40,000 or $50,000, Joudrey said, adding, “It is defined as a small business insurance play.”

Commissions vary by line of business and by carrier.

For example, BOP policies earn 15 percent on both new and renewal business. For workers’ comp, new policies are 10 percent and it’s 7 percent for renewals. Business auto, general liability and umbrella are all 13 percent for new and 12 percent for renewals. Agent members of MyNTrack own 100 percent of their books.

The founders of MyNTrack think they are filling a need of smaller agencies.

“Anyone out there who has a similar offering would be competition, but frankly we’re not seeing anybody out there who has an offering like this,” Joudrey said. “I think it was a logical place to go with this. There was a need for a smaller agent who didn’t need full-scale placement, and who would like to have access to markets at an affordable rate. It’s pretty clear there was a market need.”

The MyNTrack quoting tool produces quotes online in about eight minutes, according to the company.

More information can be found at MyNTrack.com.


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Comments

  • March 6, 2012 at 12:15 pm
    MarketExpert says:

    I would suggest ezumbrella.com, an online platform with over 1000 eligible NAICS codes that was revitalized in the fourth quarter of 2011 and has been in existence since 2001.

  • March 26, 2012 at 2:58 pm
    david day says:

    We’ve quietly launched a similar – and likely better – 3 state platform for returning multiple carriers in 90 seconds. Initial qualifiers weed out carriers who don’t want that risk. You get up to 6 carriers premiums with forms and exclusions to compare – plus down payment/monthly payment info…all from AM Best “A” Rated or better Surplus Lines carriers. Contact Texas All Risk if interested in learning more.

  • April 22, 2012 at 9:12 am
    Lopez says:

    If they wanted to bceome a participating payor in the government plan they would have to agree to the payment formulary outlined by the government. For the companies that chose to go along with the government plan, you’d end up seeing a whole lot more HMO type plans available and the PPO plans would pretty much go away. Those that didn’t participate as payors under the government’s terms would pass their extra costs on to the consumer purchasing the insurance. If doctors are given an option to participate, they’ll refuse to accept the government plans and will jack up their costs to private pay insurance clients (the same as many are doing with Medicaid today). If it’s all nationalized and we fall under one payor, just take a look at how Medicaid works today and that’s what you’ll get. Doctors will also close up shop. Demand will be high and supply of qualified health care professionals will be low.Edit Another thing to consider is that there will be unanticipated levels of enrollment if they leave multiple payors in place and only have the government plan for those whose employers don’t offer coverage. Larger businesses will be required to offer insurance, but businesses with few employees won’t. Those small businesses that are offering it now will stop. Their employees will then bceome dependent on the government health care system. My mom’s a small business owner and pays part of her employee’s insurance costs now. I can assure you that if this kicks in she’ll drop it. She’s having a hard enough time keeping her doors open as it is and that would save her a ton. This is exactly what happened when Hawaii went to their plan to insure all children in the state. People dropped their private insurance and used the state insurance. The program lasted for about 6-7 months before the state couldn’t afford it any more.@ bob k If you think the greedy insurance companies are bad about determining what care you will and will not receive, wait until the government decides that for you. Ask any Medicaid patient about how much say they or their doctors have in the care that they receive, and you’ll love your greedy insurance company.

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