JERSEY CITY, N.J., June 5, 2014 — A new industry report by Novarica reveals several time and cost advantages for insurers that use electronic content from ISO. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
The report, ISO Support: A Comparison of Manual and Electronic Practices, is based on a survey of insurers using ISO circular content and compares how the time and costs of handling ISO revisions differ depending on whether a carrier is using a traditional manual process or a newer electronic process. The report shows that by using ISO content in electronic format, insurers have realized on average:
With the insurance market being so complex and ever-changing, it takes time to react and keep up with the ISO changes. The Novarica study disclosed that automating their rating content could save carriers substantial time and money when managing their ISO advisory information from ISO manuals, forms, and circulars within their policy administration system.
“It isn’t surprising that using electronic processes to manage the complexities of ISO content saves time and money,” said Chad Hersh, managing director, insurance practice at Novarica. “Perhaps the real surprise is just how much time and money it saves. These processes lend themselves extremely well to automation, and the results are clear.”
“We’re pleased to hear that our solutions are delivering to our customers the value and business advantages we envisioned,” said Mark Sheehan, product manager for ISO Rating Solutions. “Anything that helps to manage ISO content is particularly worthwhile for insurers, and this report validates that the electronic content can help significantly.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information visit www.verisk.com/iso and www.verisk.com.