New ISO Rating Service delivers cost-effective insurance rating and management, automatic updates of ISO advisory rating information
LAS VEGAS, Nev., June 7, 2004 — Insurance Services Office, Inc. (ISO) today introduced ISO Rating ServiceTM, an automated rating system and rate-management solution for the property/casualty industry. ISO Rating Service is an operational rating platform with built-in access to ISO-validated rating information and automatic electronic rating updates for insurers to manage their programs more cost effectively.
ISO Rating Service is loaded with the contents of ISO circulars — loss costs, standardized policy language and rules based on state regulations. The service includes ongoing validations and updates for each ISO line of insurance, supported by ISO's industry experts, actuarial staff and line operation specialists.
ISO Rating Service can also be customized to administer independent, company-specific insurance programs and non-ISO lines of business.
"ISO Rating Service is the product of ISO's leadership in developing automated advisory information through integration of XML-driven rating technology from the AscendantOne unit of ISO," said Kevin B. Thompson, ISO senior vice president of Insurance Services. "ISO's industry expertise and analytic services are reflected in every facet of this new rating service, along with the flexibility for carriers to administer their own programs with company-defined preferences and rating structures that deviate from the ISO-supported insurance lines," he added.
ISO's turnkey automated rating platform is designed to help carriers improve their use of up-to-date advisory prospective loss costs and manual rules. The system is designed to integrate into existing infrastructures as part of a new initiative including AscendantOne's policy-administration solution.
The new ISO 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 strategies for delivering new products, while simplifying regulatory compliance.
"For years, ISO customers have asked us for an automated solution to implement and maintain ISO underwriting and pricing information in a timely, consistent manner," said Thompson. "ISO Rating Service will keep insurers on top of all ISO filings, while making their rate-maintenance process seamless. At the same time, the built-in flexibility of our new service will help carriers reduce the cost and time necessary for effectively administering disparate rating-automation technologies," Thompson added.
Several insurance carriers are pilot testing ISO Rating Service, which is expected to be available by year-end 2004 for these ISO lines — commercial property, commercial auto, commercial umbrella, commercial multiperil, commercial inland marine, general liability, businessowners and crime. Personal lines will be available at a later date.
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