Who Uses This Software?

Employee benefits brokers who sell small group policies and want dynamic software to handle more prospects and complete renewals early - no more back and forth with quoting and re-quoting.


Average Ratings

8 Reviews

  • 4.5 / 5
    Overall

  • 5 / 5
    Ease of Use

  • 4.5 / 5
    Customer Service

Product Details

  • Starting Price
    Not provided by vendor
  • Free Trial
    Yes
  • Deployment
    Cloud, SaaS, Web
  • Training
    Documentation
    Webinars
    Live Online
    In Person
  • Support
    Business Hours

Vendor Details

  • RateFactory
  • www.ratefactory.com
  • United States

About RateFactory

RateFactory simplifies small-group account management for employee benefits agencies by providing one site to upload a census and instantly obtain comparisons with all carriers in the market. Both age-banded and composite rates are shown on the fully-editable, presentation-ready spreadsheets. Either print or electronically show small-group clients and prospects their options, being able to make changes dynamically, including managing employer contributions. Take back your holidays in Q4!


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RateFactory Features

  • Claims Management
  • Commission Management
  • Contact Management
  • Document Management
  • Insurance Rating
  • Policy Management
  • Quote Management
  • Broker / Agent Portal
  • Carrier Upload
  • Commercial Lines
  • Comparative Insurance Rating
  • Customer Portal
  • For Casualty Insurance
  • For Health / Medical Insurance
  • For Life Insurance
  • For Personal Insurance
  • Multi-State
  • Multiple Line Rating

RateFactory Reviews Recently Reviewed!


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Great Quoting Engine for Small Group Marketplace

Feb 08, 2019
5/5
Overall

5 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The Rate Factory has made quoting groups AND handling small group renews a breeze! With very little effort we can create Excel Spreadsheets that show plans with both Composite and Age rates for employees. If a client wants to 'shop', we have instant access to all carriers in our state and can show them the cost on one phone call. No more requesting quotes, making a spreadsheet, and getting back to them a week later! This has been a life-saver for us during our busiest time (year-end) when we have Open Enrollment for ACA, Medicare, and dozens and dozens of groups renewing 1/1.

Cons: They made some changes to the spreadsheet, so we do have to modify the document before sending to the client. We are hoping they will make changes so that the company name and effective date for quotes will automatically appear. There are a few columns that need to be cleaned up, but other than that, the excel sheets saves us HOURS of time!

Overall: We had a one-on-one in office presentation of the software; I was so impressed that we signed up right away. The customer support staff is good about getting back to us quickly and everyone working there is super nice and helpful. I would highly recommend the software.

Vendor Response

by RateFactory on February 11, 2019

Thank you so much for the review, Cathy! We also love how quick and easy RateFactory is. And yes, we're making changes to the Excel exhibits to include company name on every one instead of just some of them. Watch for the updates in the coming months. Thanks for being a great customer!

Rate Factory

Jan 25, 2019
5/5
Overall

5 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: I really like the ease of quoting small group. It is strait forward to use and prints quotes nicely.

Cons: This is a very good quoting tool. I look forward to seeing what updates may come.

Overall: This allows for a fast quote turn around time so your clients are never left waiting.

Vendor Response

by RateFactory on February 06, 2019

Thanks for reviewing!

Love!

Feb 01, 2019
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: Quick and easy quoting. I love that when the numbers are put in correctly it amazing!

Cons: There can be occasional errors with the numbers. This is frustrating bc we depend on them to be accurate. Would also love dental and vision to be included

Vendor Response

by RateFactory on February 06, 2019

Thanks for reviewing, Jennifer! We're glad you love it! As long as we receive correct files from carriers, our rates are within $0.09. Sometimes rate files change and we don't always get notified right away, but we strive to find out any way we can and correct rates immediately upon learning of any discrepancies. Oh - and watch for dental and vision in the platform soon! We're developing them now and will have them available in a few weeks.

Super Easy

Feb 01, 2019
5/5
Overall

5 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: A little data entry and saves me a ton of time on proposals for clients.

Cons: Some of the spreadsheets can be super wide and it would be nice if that width could be minimized.

Overall: Quick quotes for clients vs sending in a request and waiting for days.

Vendor Response

by RateFactory on February 06, 2019

Thanks for the review, Cathy! Most of our spreadsheets limit the number of plans to five per page and automatically add the extra plans on additional tabs in Excel. Let us know if you want to get together to review the exhibits!

RateFactory Review

Feb 12, 2019
4/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

4 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
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Pros: RateFactory really helped me quote/present in the 2-50 market. Groups that are age banded can be difficult as there are many more variables in play.

RateFactory allowed me to slice and dice data that saved me time when presenting.

Cons: It was difficult when comparing groups that had multiple plans.

Overall: I have NO regrets in purchasing RateFactory and think many brokers out there would benefit from the technology.

Hopefully there will be some more enhancements down the road to help with groups that have multiple plans.

Vendor Response

by RateFactory on February 13, 2019

Thanks for the review, Brian! We actually just released an upgrade for beta testing to handle multiple plans! We'll reach out to you to get it set up on your portal.

Review of Rate Factory

Feb 14, 2019
4/5
Overall

5 / 5
Ease of Use

4 / 5
Features & Functionality

4 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 8.0/10 Not
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Pros: Easy Set up and Access. The speed in getting the rates & quotes returned is the main reason we like Rate Factory so much.

Cons: Just wish it did Ancillary but I know it's in the works to be added.

Overall: Overall experience is great. Wish we had this system a while back.

Pleased with this software

Jan 25, 2019
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

4 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: pre-loaded rate tables for all products and all Medical carriers

Cons: that I have to manipulate the excel spreadsheet every time to eliminate empty columns and add our company logo

Overall: very easy to use. We have been pleased

Vendor Response

by RateFactory on February 06, 2019

Thanks for the review, Melissa! Watch for additional exhibit options coming soon!

Value of having RateFactory

Jan 30, 2019
4/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The software is very user friendly and in a short period of time you become familiar with all the features available. Having this tool at your disposal allows you the ability to provide various quotes for clients within minutes.

A great time saver is also having spreadsheets created automatically and they can be modified to your liking.

Cons: There wasn't any item or feature that we disliked.

Overall: RateFactory's software is a very cost-effective tool and extremely time-saving. Also the availability of having various carrier's medical rates/plans at your fingertips is a valuable asset. This is a great program to have.

The only issue we encountered was in the composite rate calculations. Our office notified the company of this discrepancy and immediately their staff began working for a solution to the problem. Their customer support is outstanding and there is always followup communication. Great company!

Vendor Response

by RateFactory on February 06, 2019

Thanks for the review, Corinne! We love having you on board!