At ISO, our customers have told us about the challenges they encounter in handling regulatory content — loss costs, rules, forms, statistical codes, and business edits. Insurers depend on ISO circulars to supply that information, and some find it difficult to update the rates and rules in their existing systems. The process of managing some 4,000 circulars issued each year is too complex and cumbersome, and they haven’t found an efficient way to handle ISO circular information.
At the same time, our customers also say they understand how critical ISO circular information is to their business and realize there are valid reasons behind the complexity of regulatory content and the volume of changes that ISO issues. ISO circulars provide valuable and necessary information, including changes required by law.
The ISO team realizes that tracking, interpreting, and implementing the vast number of changes can be overwhelming. We already have tools to help you with interpreting and implementing ISO Rating Service.
Now, we’re developing a new product to assist with tracking, too. We plan to launch the new product in June. If you’re interested in learning more, join us on May 31at 2 p.m. EDT for a short session in which you’ll see an actual sample of the new product, called the ISO Circular Tracking Extract and explore its features and benefits.
Many of the elements contained in ISO circulars offer help for the bottom line — new and refined products and coverages, limits, and language provisions. For example, insurers use circulars to:
- update advisory loss costs
- respond to court decisions and legislative actions
- develop new products and coverages
- refine existing products and coverages (such as limit of insurance)
- respond to new dynamics in the marketplace (such as green upgrades)
And now you have a way to manage those circulars more efficiently.