Alliance Integrates AscendantOne's Rating System with Genius Policy Administration Solution from RebusIS
NASHUA, N.H., and SECAUCUS, N.J., Oct. 27, 2003 — The AscendantOne® unit of Insurance Services Office, Inc. (ISO) and RebusIS today announced an alliance to integrate AscendantOne's rate-management system with Genius, RebusIS's web-based property/casualty policy-management solution.
RebusIS will integrate AscendantOne's rate management and underwriting system, which provides a robust rating engine and advanced tool-based rate development and maintenance capabilities for all property/casualty lines, along with a comprehensive underwriting engine for automated underwriting and real-time risk decision support. The system also provides extensive rating documentation and a variety of analytical reports for customers to evaluate the impact of pricing changes before making them.
For Genius customers writing ISO-based insurance programs, AscendantOne can also provide ISO-validated advisory prospective loss costs and manual rules to automatically feed into its rate management and underwriting software. AscendantOne will also provide ongoing, fully automated maintenance of the ISO content to support Genius users.
Genius is RebusIS's fully integrated and comprehensive insurance solution for the property/casualty market. Genius offers complete policy administration, billing and claims for all lines, including reinsurance, MGAs and MGUs through to niche and specialty insurance. The application combines depth of functionality with the flexibility to deliver a web-based application that allows new products to be brought to market quickly, opens new market channels, and enables customers to self-serve accounts. Genius is a multi-lingual, multi-class, multi-company, multi-currency, integrated, real-time, online application package.
"Our integration and joint deployment with AscendantOne-ISO means RebusIS customers can rapidly go to market with best-in-class product delivery, rate management and service solutions," said Martyn Sutton, chief operating officer of RebusIS's global operations and president of its U.S. subsidiary, Rebus Systems Inc. "For companies looking to implement ISO programs, pre tested ISO commercial lines content allows fast, accurate implementation and ongoing maintenance support.
"The AscendantOne-RebusIS alliance broadens the program implementation capabilities of our customers and expands their product-development capacity and pricing and rate-management support to maximize new business and policy renewal processing cycles," Sutton added.
"We're very excited that insurers using Genius are able to benefit from AscendantOne's integrated rating solutions. RebusIS customers now have access to accurate, timely policy-rating and underwriting information to enhance their insurance operations," stated Chuck Boodro, AscendantOne president. "With AscendantOne's automated rate-management system, Genius customers can administer and monitor ongoing rate changes more efficiently. Together, AscendantOne and RebusIS can help customers leverage advanced technology and business processes for cost-effective rate-quote-issuance and achieve end-to-end property/casualty insurance processing," added Boodro.
Delivering technology for bottom-line value, RebusIS leads the field around the world in its chosen markets: international property and casualty (p/c), reinsurance and London Market. In addition, RebusIS supplies business-to-business insurance solutions, document management, hosting services and insurance/IT resources and consultancy. RebusIS has offices in the U.K., U.S., Bermuda, India, Malaysia and Thailand. Rebus Systems Inc. is the U.S. subsidiary of RebusIS.
AscendantOne, a unit of ISO based in Nashua, N.H., features the Solution Suite — a comprehensive,browser-based property/casualty rate-quote, underwriting, policy and account-management capability,powered by ISO's manual rules, advisory prospective loss costs and forms. Our scalable, XML-driven solutions complement existing IT infrastructures, delivering new network-based economic value to insurers. With distinctive and leverage-able business methodologies, the Solution Suite facilitates efficient pricing and policy service for all commercial and personal lines. AscendantOne's best-of-breed web-services architecture enables highly collaborative and cost-effective new-business-to-renewal workflows — anytime, anywhere and for any property/casualty distributor or demand-chain participant.
ISO is a leading source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides data, analytical and decision-support products; consulting; data processing; and technical, statistical and actuarial services. ISO field services include on-site rating and underwriting services and the evaluation of community loss-mitigation efforts. ISO's products help customers with sales and prospecting, underwriting, rating and quoting, customer management, policy administration, product development, claims administration and fraud detection. ISO's AIR Worldwide subsidiary provides technologies to assess and manage natural and man-made extreme-event risk. Through its ISO Claims Services, Inc. (iiX unit) and Intellicorp subsidiaries, ISO provides motor vehicle reports and criminal-records information and through its AscendantOne unit delivers rating, quoting and policy-administration solutions. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.
Mark Kollar (RebusIS)