Insurance Rating Software
SelectRate is enterprise insurance rating software that enables carriers, MGAs, wholesalers, and program administrators to build, configure, rate, underwrite, test, deploy, and manage commercial insurance products from a single modern platform.
Commercial insurance organizations need more than a simple rating engine. They need a complete platform that manages product configuration, underwriting rules, premium calculations, bureau content, carrier deviations, testing, approvals, deployment, APIs, and analytics. SelectRate is a modern Insurance Rating Software platform built specifically for commercial insurance. Designed for carriers, Managing General Agents (MGAs), wholesalers, program administrators, and InsurTech companies, SelectRate centralizes every aspect of commercial insurance rating into a single cloud based platform. Whether you are replacing spreadsheets, modernizing legacy rating systems, or building a new insurance platform, SelectRate provides the flexibility and governance required by today's commercial insurance market.
What Is Insurance Rating Software?
Insurance Rating Software is the technology that calculates insurance premiums while managing the business rules, underwriting requirements, rating formulas, coverage options, and product configuration needed to price commercial insurance policies accurately. Modern insurance rating software extends far beyond premium calculations by providing a complete product management platform powered by a Commercial Insurance Rating Engine.
Insurance Rating Software vs Insurance Rating Engine
Insurance rating software is the complete platform used to configure, manage, govern, test, deploy, and operate commercial insurance products. The insurance rating engine is one component within that platform responsible for executing rating logic and calculating premiums.
A modern insurance rating platform combines:
- Product Configuration
- Rating Engine
- Underwriting Rules
- Rating APIs
- Version Control
- Testing
- Release Management
- Analytics
Learn more about Insurance Rating Engine, Commercial Insurance Rating Engine.
How SelectRate Works
SelectRate separates industry bureau content, carrier pricing, product configuration, underwriting rules, and premium calculation into independent configurable layers. This allows insurance organizations to modernize products while maintaining complete version control and governance.
ISO / NCCI
Carrier Rating Layer
Product Configuration
Eligibility Rules
Underwriting Rules
Premium Calculation
Quote API
Policy Administration Platform
Policy Issuance
Every rating decision remains fully configurable, version controlled, testable, and deployable without modifying application code.
Built for Commercial Insurance
SelectRate supports virtually every commercial insurance product and rating methodology.
Organizations include:
- Insurance Carriers
- Managing General Agents
- Wholesalers
- Program Administrators
- InsurTech Companies
- Program Managers
- Excess and Surplus Organizations
The platform scales from a single insurance program to enterprise product portfolios supporting hundreds of carriers and thousands of insurance products.
Everything You Need in One Platform
Unlike traditional rating applications, SelectRate combines every major rating capability into one platform.
Including:
- Rating Engine
- Product Configuration
- Underwriting Rules
- Eligibility Rules
- Premium Calculation
- Rating Formulas
- Effective Date Management
- Version Control
- Automated Testing
- Release Management
- REST APIs
- Analytics
- Audit History
Insurance organizations no longer need multiple disconnected systems. The Rating Workbench centralizes enterprise rating operations.
Commercial Insurance Rating Engine
At the core of SelectRate is an enterprise rating engine capable of processing complex commercial insurance calculations.
Supports:
- Bureau Rating
- Carrier Rating
- Carrier Derivative Rating
- Custom Rating Models
- Package Rating
- Multi State Products
- Multi Carrier Programs
- High Volume Rating
- Real Time Rating
- API Rating
- Batch Rating
Learn more about Commercial Insurance Rating Engine.
Product Configuration
Configure insurance products without modifying software applications.
Manage:
- Coverage Options
- Deductibles
- Rating Variables
- Lookup Tables
- Rating Formulas
- Underwriting Rules
- Product Versions
- Effective Dates
Learn more about Insurance Product Configuration Platform, Insurance Formula Builder.
Business Configuration Without Coding
Business users maintain insurance products while IT teams manage integrations and platform infrastructure.
Business Users Configure
- Products
- Rates
- Rating Variables
- Coverage Options
- Eligibility Rules
- Underwriting Rules
- Rating Formulas
- Effective Dates
- Product Versions
IT Teams Manage
- REST APIs
- Authentication
- Infrastructure
- Performance
- Security
- Platform Monitoring
This separation allows product managers and underwriting teams to manage insurance products without software development for routine product changes.
Underwriting Automation
The platform evaluates underwriting decisions automatically during every rating request.
Supports:
- Eligibility Rules
- Refer to Company
- Decline Rules
- Authority Limits
- Required Documentation
- Carrier Rules
- State Rules
Learn more about Underwriting Rules Engine, Appetite & Eligibility Engine.
Premium Calculation
SelectRate calculates every component contributing to the final premium.
Including:
- Base Premium
- Manual Premium
- Modified Premium
- Taxes
- Fees
- Discounts
- Surcharges
- Carrier Multipliers
- Loss Cost Multipliers
- Individual Risk Premium Modifications
Learn more about Premium Calculation Engine
API First Platform
Every rating function is available through secure REST APIs.
Integrates With
- Agency Management Systems
- Policy Administration Systems
- Underwriting Workbenches
- Comparative Rating Platforms
- Broker Portals
- Customer Portals
- Mobile Applications
- Third Party Applications
Supported APIs
- REST APIs
- Real Time Rating APIs
- Batch Rating APIs
- Quote APIs
- Underwriting APIs
- Product APIs
Every platform capability is available through secure APIs allowing insurance organizations to integrate SelectRate into existing policy administration, underwriting, and distribution ecosystems. Learn more about Insurance Rating API, Carrier Integration Platform.
Built for Bureau & Carrier Rating
SelectRate supports ISO and NCCI bureau content together with carrier derivative rating, proprietary carrier products, and custom commercial insurance pricing models.
- ISO Rating
- NCCI Rating
- Carrier Derivative Rating
- Custom Rating Engine
Carrier specific pricing, proprietary rating algorithms, and custom pricing models can be layered over bureau content while maintaining complete version control, audit history, and effective date management. Learn more about ISO Rating Software, NCCI Rating Software.
Supported Rating Methods
SelectRate supports virtually every commercial insurance rating methodology used by carriers, MGAs, wholesalers, and program administrators.
- ISO Loss Cost Rating
- NCCI Loss Cost Rating
- Carrier Rates
- Loss Cost Multipliers
- IRPM
- Schedule Rating
- Consent to Rate
- (a) Rates
- Judgment Rating
- Refer to Company
- Package Rating
- Multi-State Rating
- Multi-Carrier Rating
- Custom Rating Models
Learn more about Multi Carrier Rating Software.
Enterprise Governance
Every product change follows controlled governance.
Features include:
- Version Control
- Approval Workflows
- Audit History
- Change Tracking
- Effective Dates
- Release Management
- Security
- User Permissions
Organizations maintain complete visibility into every product change from development through production using Rating Release Management.
Enterprise Release Management
Every product release follows a controlled deployment pipeline.
Sandbox
User Acceptance Testing
Business Approval
Production Deployment
Rollback Support
Insurance organizations can validate every rating change before production while maintaining complete release history and audit trails.
Automated Testing
Every product release is validated before deployment.
Supports:
- Regression Testing
- Automated Testing
- Formula Validation
- Premium Comparison
- Scenario Testing
- API Validation
- Release Validation
Testing helps eliminate production issues before products reach customers. Learn more about Rating Testing Software
Analytics and Reporting
Monitor commercial insurance operations using centralized dashboards.
Analyze:
- Quote Activity
- Premium Trends
- Product Performance
- Underwriting Activity
- API Usage
- System Performance
- Release Activity
Real time reporting helps organizations continuously improve operational efficiency. Learn more about Rating Analytics
Commercial Lines Supported
SelectRate supports virtually every commercial insurance product.
Products share common business components while maintaining independent pricing logic.
Why Organizations Choose SelectRate
Insurance organizations modernize rating platforms to improve agility, governance, and operational efficiency.
Benefits include:
- Faster Product Launches
- Insurance Product Configuration Without Coding
- Bureau & Carrier Rating
- Enterprise Rating Governance
- Complete Version Control
- Automated Testing
- Release Management
- Real Time APIs
- Cloud Native Architecture
- Enterprise Scalability
- Multi Carrier Support
- Multi State Rating
- Audit History
- Lower Operational Risk
- Faster Regulatory Updates
- Reduced Maintenance Costs
- Better Underwriting Consistency
- Modern Product Architecture
Related Resources
Frequently Asked Questions
Looking for the rating platform itself?
SelectsysTech connects distribution workflows to bureau, carrier-native and third-party rating. If you are configuring ISO programs and running a rating workbench, that is SelectRate, and it has its own site.
Build, Configure & Deploy Commercial Insurance Products Without Writing Code
SelectRate helps carriers, MGAs, wholesalers, and program administrators configure insurance products, automate underwriting, manage bureau and carrier rating, expose rating APIs, and deploy commercial insurance products faster through one enterprise platform.