Among the questions insurers should ask when choosing a rating system are whether the vendor has a formal business alliance with ISO and whether the provider offers a subscription service for maintaining ISO products, according to a report from industry analyst Novarica, as noted in Insurance Networking News.
That question is critical, because remaining current with ISO programs is a huge challenge for many insurers. Think about this: ISO typically makes 3,000 to 4,000 program changes per year in commercial lines alone. Keeping up with ISO rating content is an enormous undertaking. Before choosing a vendor to work with, you need to be sure that vendor is up to the task.
The Novarica report contains information on vendors including AQS, CGI, Oracle, and ValueMomentum — all of which are members of ISO’s alliance network.
At ISO, we have created strong alliances with leading product and services providers to support our business strategy of focusing on our core strength — rating. This strategy lets ISO customers acquire and implement the most cost-effective and cost-efficient solutions. Our alliance network enhances the value of our core products and services.
Learn more about ISO’s rating solutions and the alliance network.