(McLaren 570S. Source: McLaren.)
Delphi Technology, Inc., a Boston-based provider technology solutions for medical professional liability insurance and an emerging vendor of technology solutions for property/casualty insurance, announced the introduction and immediate availability of Delphi Rating at the ACORD 2016 event in Boca Raton, Fla. Delphi Rating is the latest addition to Delphi’s Velocity Suite of core P&C insurance solutions which also includes Delphi Policy and Delphi Accelerator.
While the initial target market for Delphi Rating is commercial and specialty lines insurers, the solution is capable of supporting all lines of P&C insurance including personal lines, the vendor reports. Coupled with Delphi’s recently introduced Delphi Accelerator product configurator, Delphi Rating offers P&C insurers what the vendor characterizes as a modern, powerful, and flexible rating solution that includes the ability to efficiently consume ISO Electronic Rating Content (ERC).
Delphi Rating can be deployed as a standalone solution for any policy administration system or as a component of the fully integrated Velocity Suite. Additionally, the system can be deployed on premises or in the Cloud based on each insurer’s preference.
“Delphi Rating is an ideal complement to Delphi Policy and Delphi Accelerator and reflects our continued strong investment in broadening and deepening the capabilities we offer with our Velocity Suite of P&C solutions,” comments John J. Flavin, senior VP and Chief Business Development Officer, Delphi Technology. “Delphi Rating will make a significant difference for insurance carriers looking to strengthen both their top and bottom lines through efficient rating and the introduction and maintenance of innovative insurance products.”
Delphi says that among the capabilities that insurers can expect from using Delphi Rating are the following:
- Efficiently configure and maintain algorithms and rates;
- Leverage third-party rating data (AAIS, ISO, NCCI), co-existing with the carrier’s proprietary data within the same repository for easy access, configuration, and export;
- Achieve independence from the policy administration system for rating maintenance
- Centralize product and rating information for export to policy administration or point-of-sale systems;
- Configure simple or complex algorithms for coverages, taxes, fees, and surcharges;
- Provide users a “tree view” to see the hierarchy of the calculations as they are configured.