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ISO (Jersey City, N.J.) has enhanced its Electronic Rating Content (ERC) Suite with new features that the vendor says make it easier for insurers to identify and apply the latest rating information from ISO about rapidly changing risks.
The new enhancements include an automated maintenance feed that allows insurers to import the most recent changes to ISO loss costs and rating algorithms directly into their rating systems, according to ISO. The suite also features accompanying automated release notes, helping insurers identify the latest changes to rating information and logic with greater efficiency.
“For many customers, automated maintenance feed and automated release notes are true game-changers,” comments Mark Sheehan, head of ISO Rating Solutions. “The enhancements come directly from ISO and enable customers to dramatically reduce the overall time and effort often involved in analyzing, interpreting, and implementing changes. Now, insurers can easily import updates directly into their rating systems and improve accuracy.”
ISO characterizes the ERC Suite as helping insurers save time by automating the manually intensive implementation process for ISO loss costs, rules, and coverage updates. According to a 2014 report by the Novarica Research Partners Program, companies using ISO ERC can reduce the average time spent manually processing an ISO update by 39 percent, from more than 560 to 340 hours.