EIS Group Introduces ISO Electronic Rating Content Integration
Staff Writer | June 30, 2015
EIS Group announces the availability of ISO rating data within the company’s policy administration software system—PolicyCore—through integration with ISO Electronic Rating Content (ERC). Insurers using ISO ERC in PolicyCore will be able to accelerate the introduction of new insurance products and make product changes more quickly, significantly reducing the time and cost of product configuration and maintenance.
Maintaining rates, rules, and forms is a complex and labor-intensive process for U.S. Property & Casualty insurers, many of which use ISO as a resource to help stay on top of loss cost trends, new product forms, and regulatory changes. The integration of ISO ERC gives PolicyCore’s rating and product management tools direct access to ISO circular updates.
The solution simplifies the update process by enabling insurers to adopt new revisions quickly to keep products up-to-date in the market and to accelerate the implementation of new ISO-based insurance products.
According to a recent Novarica research paper, insurers using electronic means to handle ISO changes have, on average, achieved a 39 percent reduction in overall work hours, a 38 percent reduction in overall cost, a 58 percent decrease in work time for IT modification, and a seven-month improvement in being current with ISO circulars.
PolicyCore with ISO ERC provides time and cost reduction and operational benefits to insurers by:
- Decreasing the risk of coverage, pricing, underwriting, and reporting errors with ISO-interpreted updates;
- Enabling centralized management of ISO content from within PolicyCore;
- Automating the processing of multi-state content and state exceptions;
- Enabling company deviations of rates, loss cost multipliers, algorithms, and coverages;
- Implementing and maintaining company-specific deviations while consuming ISO updates; and
- Identifying changes from previous ISO versions and modeling the impact on company deviations before going into production.
“We’re very pleased to have EIS integrate ISO ERC into PolicyCore,” says Mark Sheehan, assistant vice president of ISO Rating Solutions at ISO. “We believe ISO ERC-enabled vendors provide tremendous advantage to P&C insurers.”
PolicyCore with ISO ERC provides greater visibility into the process, and grants users complete independence to update and manage ISO content and deviations without reliance on vendor schedules. This ability allows greater differentiation in the market and prevents premium leakage. In addition, PolicyCore’s powerful rating engine and product configuration tools are able to leverage the ISO ERC data to deliver an enhanced level of error proofing, traceability, and testing of ISO updates before implementation.
“Integration with PolicyCore underscores our commitment to commercial lines insurers seeking greater speed-to-market and product agility,” says Steve Forte, vice president of product marketing for EIS Group. “Our introduction of ISO ERC, coupled with the rollout of preconfigured commercial auto, property, and liability products earlier this year, gives insurers a powerful, modern, and flexible commercial lines solution.”
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- ProSight Direct Offers “Effortless Insurance for Today’s Professional”
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Zywave Expands Commercial Content Offering in Flagship Product
- Insurance Technologies Partners with Fiduciary Exchange, LLC (FIDx) to Deliver Seamless Annuity Illustration and e-Application Capabilities in the Envestnet Insurance Exchange Platform
- Equisoft Acquires Grendel Recognized for its Premier Wealth Management CRM Platform
- Distribution Connectivity Options for Insurers Proliferating and Improving, Says Novarica
- Noblr, the New Car Insurance Company, Launches in Colorado
- Mitsubishi Motors North America, Inc. Named OEM of the Year at 2019 TU Auto Awards
- Leading Roadside and Transportation Networks Partner to Transform the Breakdown Experience for Consumers
- Insurers Leveraging Emerging Tech, Analytics, Third-Party Data in Loss Control, Says Novarica
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE