NASHUA, N.H., June 5 — ISO Insurance Technology Solutions today announced that Hermitage Insurance Company will implement the ISO Rating Service™ to handle its core rating processes.
In addition to streamlining rate management and reducing rating maintenance and insurance program development costs, the component-based ISO Rating Service will enable Hermitage to develop and integrate a custom-built quoting front-end without having to replace its existing policy management system.
“Rate management capabilities with ISO Rating Service will provide Hermitage with a powerful solution to manage rating for ISO programs and comply with regulatory requirements more efficiently,” said Philip Lambert, vice president of operations at Hermitage Insurance Company. “ISO Rating Service offers best-in-class automated rate management capabilities and analysis tools to ensure product flexibility and speed to market,” added Lambert.
A single rating solution for all business lines allows Hermitage to cost-effectively replace a legacy environment with responsive, customizable rating technology for ISO programs. At the same time, by utilizing XML in conjunction with the company’s IT and integration expertise, Hermitage can streamline its quoting process and remain current with ISO programs.
About Hermitage Insurance Company
Founded in 1984 and based in White Plains, New York, Hermitage Insurance Company writes small to mid-size accounts consisting of light-to-medium-hazard property/casualty risks in 35 states. The company has adhered to a sound and prudent underwriting philosophy, producing consistent results and growth over the years. Clients include regional wholesalers and general agents. Hermitage Insurance Company’s business model is based upon long-term relationships with producers and underwriters to help provide real solutions to clients’ insurance needs.
About ISO Insurance Technology Solutions
ISO Insurance Technology Solutions (ISO-ITS), a unit of Insurance Services Office, Inc. (ISO), delivers ISO Rating Service™ and the browser-based quoting/underwriting and policy-administration platform of AscendantOne®. The scalable, tool-based components of ISO-ITS let insurers cost-effectively and rapidly deploy property/casualty programs, automatically manage rates, conduct rules-based underwriting, perform online quoting and administer full policy life cycles.
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. Clients 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.