Novarica (a division of Novantas that conducts independent research) recently released a report showing that, by using ISO content in electronic format, insurers have realized on average:
- a 39 percent reduction in overall work hours
- a 58 percent decrease in work time for IT modifications
- a 35 percent decrease in overall cost
- a 7-month improvement in being current with ISO
Those are significant results given that many insurers find it difficult to keep the rates and rules in their existing systems current, saying the process of managing some 4,000 circulars we issue each year is complex and time-consuming.
The Novarica study disclosed that by automating their rating content, insurers could save substantial time and money when managing ISO advisory information from ISO manuals, forms, and circulars within their policy administration systems.
The report, ISO Support: A Comparison of Manual and Electronic Practices, was 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 an insurer uses a traditional manual process or a newer electronic process.
To share the value of the report, we recently held a web seminar, where Novarica presented the findings and discussed them in depth. You can learn more about the report, its findings, and its authors by viewing the recorded version of the seminar. And you can download the complete report as well.