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OneShield (Marlborough, Mass.), a provider of insurance core software solutions, has announced its integration with the next generation ISO Electronic Rating Content (ISO ERC) from Verisk (Jersey City, N.J.), a global data analytics and technology provider. This strategic initiative helps insurers lower operating costs, reduce risks, and get to market quickly, making it a milestone for OneShield as it enhances its offerings with cutting-edge insurance solutions, a vendor statement says.
OneShield’s statement on the integration characterizes Verisk’s ISO ERC as the industry-standard method for automating the manually intensive process for updating ISO loss costs, rules, and coverage updates, enabling customers to dramatically reduce the overall time and effort in analyzing, interpreting, and implementing changes.
OneShield reports that its suite of insurance software solutions will be seamlessly integrated with Verisk’s ISO ERC, allowing insurance carriers to optimize their rating and policy administration processes with the utmost accuracy and efficiency. This integration ensures standardized data exchange between insurers and OneShield’s offering, enabling an insurer to manage the latest ISO filing through a simple, intuitive tool, ultimately reducing operational complexity and accelerating speed to market.
“Verisk’s ISO ERC is helping a growing number of customers lower costs, realize efficiencies, and reduce risk in today’s rapidly changing market, and it is part of Verisk’s deep and broad commitment to support insurers at every step of the insurance value chain,” comments Ron Beiderman, SVP, Core Lines Products & Services, Verisk. “Our combined solution will enable insurers to benefit from timely, streamlined updates to our commercial lines rating programs.”
Giant Leap Forward
“In today’s dynamic insurance landscape, it’s not enough to just have information. It’s about having the right information at the right time,” says Liza Petrie, Chief Product Officer, OneShield. “Our integration with Verisk’s ISO ERC is a giant leap forward in that direction — ensuring our clients are always a step ahead in serving their customers.”
OneShield asserts that its industry-specific expertise combined with Verisk’s ISO ERC will empower insurers to make informed decisions, respond quickly to market demands, and enhance customer experiences.