How innovative insurers can launch commercial lines products faster

September 6, 2022 / 2 min read

It can take months, if not more, to launch an insurance product. From identifying target market segments and states to developing pricing and filing the program with regulators, the journey from whiteboard to market can be a long one.

In the era of digital transformation, many commercial lines insurers like Ryan Specialty Group are leveraging the power of a standardized rating engine to help them spin up new products quickly, provide pricing confidence, and keep their varied commercial lines solutions up-to-date with changing market conditions.

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In a recent webinar, Ryan Specialty Group’s Vice President of Technical Services, Bryan Guilbeault, outlined several steps the carrier took to achieve greater speed to market for its commercial lines products.

So long, spreadsheets

Building a standardized digital rating workflow helped free Ryan Specialty Group to focus resources and attention on its strategic differentiators. Leveraging ISO Electronic Rating Content™ (ISO ERC™) through Value Momentum’s iFoundry rating engine has been a key enabler of that focus.

Rating engines can help insurers automate the process of applying loss costs, rules, and rating factors to generate a price for a risk. Unlike typical spreadsheets or many other custom-built rating libraries, rating engines powered by ISO Electronic Rating Content™ (ISO ERC™) provide insurers direct access to the rating rules encapsulated in the ISO Commercial Lines Manual without the need to rely on third parties to first interpret those rules. (You can learn about all the time and effort ISO ERC can save for many insurers here.)

Having a direct pipeline to the rating algorithms in the ISO Commercial Lines Manual through ISO ERC minimizes opportunities for errors that can occur in more manually-driven solutions, like spreadsheets, and helps create a unified system that’s easier to update and integrate with other underwriting systems. Rather than pour development dollars into multiple rating tools per product, state, and line of business, Ryan Specialty Group leveraged a centralized solution, essentially “turning on” the Verisk rating content they needed, as needed.

You can learn more about how Ryan Specialty Group used ISO ERC through ValueMomentum’s iFoundry Rating solution to help gain their speed-to-market advantage by watching this webinar.