Next Generation of Verisk Rating Solution Can Boost Insurers’ Efficiency and Speed to Market
November 04 2021 - 8:00AM
Responding to a deep industry need for speed and efficiency, Verisk
(Nasdaq:VRSK), a leading global data analytics provider, has
launched a new cloud-based version of its ISO Electronic Rating
ContentTM (ERCTM) solution that can dramatically reduce the time
and effort that commercial lines insurers spend updating rating
content.
The next generation of ERC is cloud-based and accessible via
smart APIs. It is also significantly easier for insurers to use,
integrate and test. The solution includes multiple deployment
options to satisfy insurers' diverse needs, including:
-
- Rating-as-a-Service designed to eliminate insurers’ need to
host or maintain ISO content
- Human-readable content designed for business analysts,
effectively eliminating the need for insurers to analyze and
interpret ISO content
- Machine-readable content specifically tailored to be consumed
into insurers’ rating engines, a powerful option for those who wish
to maintain the ISO content themselves
- Validation tools designed to streamline insurers’ testing
efforts
These enhancements can lead to tremendous advances in speed to
market and reduce the time insurers need to keep their rating
systems current.
“In the rapidly evolving commercial lines market, many insurers
are looking for ways to rate risks with increased speed,
reliability and flexibility," said Mark Sheehan, head of ISO Rating
Solutions. “The next generation of ISO ERC responds to that need.
We are very excited to help our customers by offering improved
efficiency and accelerated speed to market.”
ERC is powered by Verisk’s Rulebook, an award-winning pricing,
underwriting and distribution platform.
ERC is currently available for Commercial Property, Commercial
Auto, Businessowners (BOP), General Liability and Workers
Compensation, with the remaining lines to be rolled out in phases
in the coming months.
Learn more about ERC.
About Verisk Verisk (Nasdaq:VRSK) provides
predictive analytics and decision support solutions to customers in
the insurance, energy and specialized markets, and financial
services industries. More than 70 percent of the FORTUNE 100 relies
on the company’s advanced technologies to manage risks, make better
decisions and improve operating efficiency. The company’s analytic
solutions address insurance underwriting and claims, fraud,
regulatory compliance, natural resources, catastrophes, economic
forecasting, geopolitical risks, as well as environmental, social
and governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger, and
fosters an inclusive and diverse culture where all team members
feel they belong. With more than 100 offices in nearly 35
countries, Verisk consistently earns certification by Great Place
to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and
YouTube.
Contact:
Ali Krueger Herbert
201-469-3998
ali.krueger@verisk.com
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