NetRate Systems, an Okemos, Michigan-based workflow platform for commercial insurance, raised a funding round of undisclosed amount.
Polaris Partners made the investment. In conjunction with the deal, Dan Lombard, a partner at Polaris Partners, will be joining NetRate’s board of directors.
The company will use the proceeds for continued expansion.
Founded by David and Karen Jordan and led by Paul Areida, recently appointed President and Chief Executive Officer, NetRate Systems provides a SaaS rating engine and workflow platform for commercial insurance.
The company focuses on serving managing general agents (MGAs), program administrators and insurance carriers, who use the platform daily to rate, quote, and bind policies. Additionally, the solution generates data analytics and reporting that allows clients to track key business metrics and meet complex regulatory reporting requirements.
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.