JERSEY CITY, N.J., March 25, 2008 — ISO Insurance Technology Solutions (ISO-ITS) today announced that Hermitage Insurance Company has implemented ISO Rating Service® within its policy-administration system.
ISO Rating Service is a comprehensive, automated rate-management system containing a combination of advanced technology and product-management tools. The system provides insurers with advisory information loaded into a powerful rating engine combined with rate-management decision tools and continual ISO updates.
With its initial implementation of ISO Rating Service, Hermitage now writes a habitational product offering in the state of New York. “By using ISO Rating Service, which supports online, real-time distribution of its products and services, we can react faster to new market opportunities,” said Philip Lambert, chief operating officer, Hermitage Insurance.
According to Lambert, Hermitage Insurance is planning to expand this capability across its entire commercial lines business. “With ISO Rating Service, we can accelerate the deployment of additional lines and new product offerings,” said Lambert. “ISO Rating Service provides us with an efficient process for adopting, managing, and implementing ISO insurance program revisions.”
“In collaboration with ISO-ITS, Hermitage Insurance is implementing a self-sustaining rating system capable of maintaining and delivering customer-specific enhancements to their products,” said John Joly, chief operating officer, ISO Insurance Technology Solutions. “ISO Rating Service enables Hermitage to implement an advanced rating solution without the significant financial investment of a full policy-administration system.”
“Working alongside ISO-ITS, we have created a sustainable program that will introduce ISO Rating Service across our remaining commercial lines,” added Andy Roos, chief information officer, Hermitage Insurance. “The software development best practices, combined with a sound mentoring program, provide Hermitage Insurance with a solid foundation for success.”
About Hermitage Insurance Company
Hermitage Insurance Company, founded in 1984 and based in White Plains, New York, writes small to mid-sized accounts consisting of light- to medium-hazard property/casualty risks in 35 states. Its clients are regional wholesalers and general agents. Hermitage Insurance Company is domiciled in the state of New York and is a wholly owned subsidiary of Brookfield Asset Management Company (NYSE:BAM).
About ISO Insurance Technology Solutions
ISO Insurance Technology Solutions (ISO-ITS) 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.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets.