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Verisk (Jersey City, N.J.) has launched a new rating engine, which the vendor says allows insurers to transform the complex process of developing new commercial lines products.
The new offering known as Rating-as-a-Service (RaaS), offers a streamlined process that spares insurers having to invest extensive time and resources into gathering, evaluating and installing rating updates, according to a Verisk statement. Using the cloud-based rating engine, insurers send applicable rating inputs to Verisk via API, which are then applied to Verisk’s loss costs and rating algorithms to generate a quotable premium. Insurers can then apply deviations to make premium adjustments and customize unique insurance offerings.
“Rating commercial insurance is complex and staying current with frequently changing loss costs and rating factors can be expensive and time-consuming,” comments Ron Beiderman, SVP, core lines products, Verisk. “Our RaaS solution delivers the most current rating information from Verisk into insurer workflows reducing cost, increasing efficiency and boosting speed to market.”
Integration with Other Verisk Solutions
Verisk notes that RaaS can help insurers more easily customize their pricing. Insurers can also expand the solution’s reach by integrating it with other Verisk solutions that support product development, underwriting automation and portfolio assessment.
RaaS is available for businessowners (BOP), crime, general liability and workers’ compensation, as well commercial auto, inland marine, property and umbrella.
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