NEW ORLEANS, Nov. 15, 2004 — ISO has named six leading insurance technology companies to its "Preferred Partner" program for ISO Rating ServiceTM, an automated property/casualty insurance rating system and rate-management solution.
ISO Rating Service is an operational rating platform with built-in access to ISO-validated rating information and automatic electronic rating updates insurers use to manage programs more efficiently and cost-effectively.
ISO launched the "Preferred Partner" program to make ISO Rating Service more widely available to insurers through integration with other solutions from third-party providers. ISO Rating Service is also available to insurers directly from ISO.
Introducing the ISO Rating Service "Preferred Partner" program at the annual ISOTech® conference, Scott Stephenson, ISO executive vice president, said the new product was his company's response to long-standing market demand for an automated solution to maintain ISO's pricing and underwriting information in a timely and consistent manner.
"We have developed a solution that enables insurers to make decisions based on their technology requirements," said Stephenson. The ISO executive credited "component-based architecture" from the company's AscendantOne subsidiary for making ISO Rating Service available as a stand-alone solution that can be integrated into any environment. "Insurers can either use ISO Rating Service as part of AscendantOne's suite of products, through a package of solutions from one of our "Preferred Partners," or as a service coming directly from ISO," said Stephenson.
The following companies elected to become members of the ISO Rating Service "Preferred Partner" program:
"Insurance companies have traditionally had to fend for themselves when it comes to rating," said Stephenson. He noted that even with full advisory loss information and policy forms from ISO, rate management has always been a complex process. ISO Rating Service, said Stephenson, is an automated rating and underwriting system with a range of processes and validated ISO information, automatic updates and tools for maintaining rates.
ISO Rating Service is loaded with the contents of ISO circulars, including loss costs, standardized policy forms and rules for writing coverage based on state regulations. The service includes updates for each ISO line of insurance, supported by ISO's industry experts, actuarial staff and line operation specialists. "A single automated source delivers all the essential information an insurance company needs to rate and price policies," said Stephenson.
ISO's expertise and analytic strengths are at the core of the new rating service, Stephenson said. "Our system is flexible enough to allow carriers to administer their own programs using their own preferences and rating structures instead of ISO's," said the ISO executive. He added that this service enables carriers to adopt ISO programs and updates with minimal impact on company-specific rating or policy processing requirements and improves their speed-to-market capabilities while simplifying regulatory compliance.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.