(San Francisco at sunset. Photo credit: Digon3.)
Core insurance system vendor EIS Group (San Francisco) has announced the availability of ISO (Jersey City, a Verisk Analytics business) rating data within its policy administration system PolicyCore, through integration with ISO Electronic Rating Content (ERC), the vendor reports. EIS Group says that the new capability will enable carriers to accelerate the introduction of new insurance products and make product changes more quickly, significantly reducing the time and cost of product configuration and maintenance. EIS Group notes that the firm is now an ISO Electronic Rating Content Associate.
“We’re very pleased to have EIS integrate ISO ERC into PolicyCore,” comments Mark Sheehan, assistant VP, ISO Rating Solutions. “We believe ISO ERC-enabled vendors provide tremendous advantage to P&C insurers.”
Through ISO ERC, EIS Group addresses the problem of manual maintenance of rates, rules and forms. The vendor cites a recent Novarica research paper, insurers using electronic means to handle ISO changes have achieved a 39 percent reduction in overall work hours, on average, a 38 percent reduction in overall cost, a 58 percent decrease in work time for IT modification, and a seven-month improvement in being current with ISO circulars.
PolicyCore with ISO ERC provides greater visibility into the process, and grants users complete independence to update and manage ISO content and deviations without reliance on vendor schedules, according to the vendor. That ability will permit greater market differentiation while preventing premium leakage, EIS Group. PolicyCore’s rating engine and product configuration tools are able to leverage the ISO ERC data to deliver an enhanced level of error proofing, traceability, and testing of ISO updates before implementation, the vendor says.
- EIS Group says that PolicyCore with ISO ERC provides time and cost reduction and operational benefits to insurers by:
- Decreasing the risk of coverage, pricing, underwriting, and reporting errors with ISO-interpreted updates;
- Enabling centralized management of ISO content from within PolicyCore;
- Automating the processing of multi-state content and state exceptions;
- Enabling company deviations of rates, loss cost multipliers, algorithms, and coverages;
- Implementing and maintaining company-specific deviations while consuming ISO updates; and
- Identifying changes from previous ISO versions and modeling the impact on company deviations before going into production.
“Integration with PolicyCore underscores our commitment to commercial lines insurers seeking greater speed-to-market and product agility,” comments Steve Forte, VP, product marketing, EIS Group. “Our introduction of ISO ERC, coupled with the rollout of preconfigured commercial auto, property, and liability products earlier this year, gives insurers a very powerful, modern, and flexible commercial lines solution.”