Low-Cost Online Commercial Lines Quoting Tool

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 research 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.

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 as well 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 while business hours.

Right now MyNTrack has only three employees, however “we'll gear up and grown along with the business,” Joudrey said.

“We've leveraged our existing research, 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 lines it offers are standard preferred markets

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.”

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.