Okemos, Michigan-based NetRate Systems, a workflow platform for commercial insurance, has raised an undisclosed amount of funding. The investor was Polaris Partners. In conjunction with the transaction, Dan Lombard, a partner at Polaris Partners, will be joining NetRate’s board of directors.
OKEMOS, Mich.–(BUSINESS WIRE)–NetRate Systems (“NetRate”, or the “Company”), a leading SaaS rating engine and workflow platform for commercial insurance, has received a significant growth investment from Polaris Partners, a Boston-based private investment firm with over two decades of technology investing experience.
Founded by David and Karen Jordan and headquartered in Okemos, MI, NetRate brings 20 years of technology and insurance expertise to the property and casualty marketplace. With a focus on serving managing general agents (MGAs), program administrators and insurance carriers, the Company provides differentiated domain expertise and productivity gains to its clients, who use the platform daily to rate, quote, and bind policies with superior accuracy and automation. Additionally, NetRate generates data analytics and reporting that empowers clients to track key business metrics and meet timely and complex regulatory reporting requirements.
Paul Areida, recently appointed President and Chief Executive Officer of NetRate, said “We are delighted to partner with Polaris to help us capitalize on the opportunities we see in the market for continued expansion and impact. In an increasingly competitive commercial insurance environment, carriers, MGA’s, and agencies are looking for ways to grow their business through automation that NetRate has provided for more than 20 years. Partnering with Polaris will enable us to invest in market-leading innovation and drive unparalleled customer success.”
“NetRate occupies a strategic position in the technology ecosystem of the high growth specialty insurance market – it is unique to find a value proposition that combines revenue-enhancing productivity gains with hard dollar cost savings. We are thrilled about our partnership with the talented team at NetRate, and excited to support their vision for long-term growth.” said Dan Lombard, a Partner at Polaris Partners, who will be joining the Company’s Board of Directors.
About NetRate Systems
NetRate Systems supplies commercial lines submission, underwriting, rating, policy issuance, and data reporting and analysis solutions to the property and casualty insurance marketplace, with a focus on managing general agents (MGAs), program administrators and insurance carriers. Its solutions are designed to streamline the process of selling insurance by eliminating manual references, reducing manual data entry, automating rating through the full policy life cycle, simplifying reporting requirements, and delivering business intelligence. NetRate Systems products include nationwide rating of ISO®-based General Liability, Property, Commercial Auto, BOP, Crime, and Inland Marine, as well as NCCI Workers Comp. NetRate also offers custom development of all lines of business. NetRate’s solutions are offered via cloud-based web portals, or via web services that power point-of-sale submission, rate, quote, and issue applications. Strong industry partnerships and integrations with third-party solution providers provide seamless workflows and processes for front and back office operations. For more information, visit www.netrate.com.
About Polaris Partners
Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, we partner globally with an unparalleled network of entrepreneurs, top scientists and emerging innovators who are making significant contributions in their fields and improving the way in which we live and work. For more information, visit www.polarispartners.com.