(Image source: Frederic Mutual homepage.)
Frederick Mutual Insurance Company (Frederick, Md.) has deployed ValueMomentum (Piscataway, N.J.) solutions, including the ISO Electronic Rating Content (ERC) Businessowners Program, as part of the insurer’s transformation initiative, which includes new products and expansion into new markets, according to a ValueMomentum statement.
ValueMomentum offerings selected by Frederick Mutual include BizDynamics Digital Solution and iFoundry Rating Engine, which automates ISO Electronic Rating Content (ERC), allowing Frederick Mutual to launch and maintain rating for its lines of business, the vendor says.
Billing itself as a “174-year-old start-up”—the company was founded in 1843—Frederick Mutual plans to use ValueMomentum solutions to transform its operation from a regional mutual insurance provider to a modern organization able to easily and aggressively expand within its current geographic markets and into additional markets with new personal and commercial lines product offerings.
“Providing our agents with competitive products is an important step in our transformation,” comments Nancy Newmister, president and CEO, Frederick Mutual Insurance Company. “Working with ValueMomentum and ISO affords us the ability to quickly adjust to changing market conditions and new opportunities.”
Benefits that Frederick Mutual anticipates from the implementation of ValueMomentum solutions, including the following, by the vendor’s description:
- Speed-to-market for new products, including those specifically designed to appeal to all generations and the upcoming millennial workforce;
- A more robust portal to support an omni-channel environment that includes agents, customers, and employees;
- Agility to quickly adjust to changing market conditions and new opportunities, and
- Easy and efficient maintenance of ISO rating information, including ISO loss costs, rules, and forms.
“The initiative seemed more challenging than anticipated considering the various technologies we were integrating our software with,” comments Swarup Ghosh, chief delivery & services officer, ValueMomentum. “While, that’s a known phenomenon with technology implementations, I am proud of the collaboration between our organizations to cross this important milestone. We look forward to building on the trust Nancy has laid on ValueMomentum as we continue onto delivering new products and an omni-channel experience to agents, customers and employees.”
“We’re pleased that Frederick Mutual is working with ValueMomentum, an important ISO ERC vendor-partner,” comments Mark Sheehan, VP, ISO Rating Solutions. “We look forward to collaborating with ValueMomentum and helping Frederick Mutual pursue its plans to grow and expand into new markets.”