The automated rating system from ISO
If you subscribe to ISO manuals, forms, and circulars, ISO ERC+software is your default rating solution. That's because ISO ERC+software is the automated representation of the manuals with implementation details provided by ISO line and actuarial experts who write the manuals. No one else can say that!
Available to both carriers and to policy administration system (PAS) vendors, ISO ERC+software includes:
- the rating data from the ISO Commercial Lines Manual
- the rules for acting upon that rating data for:
- premium calculations
- forms attachment logic
- statistical code assignment
- validation messages
- our Automated Maintenance Feed to import just the changes to rating data and rules into your rating engine
All of this logic is fully automated and delivered within a robust rating engine. You receive the rating engine and the configuration software so you can implement your deviations from the ISO base.
We designed ISO ERC+software in response to insurers' requests for a way to automate the complex, labor-intensive, and costly process of policy rate maintenance and management. ISO ERC+software is the only system of its kind to provide these key features:
- ongoing definition of the rating rules by ISO actuarial and insurance line experts
- ISO content supported by automated updates to new circulars issued
- technical specifications file to show precisely how ISO implemented the functionality
- rate-management tools that facilitate company maintenance and analysis of ISO updates
- component-based, XML-driven design that facilitates interfacing with quote, and policy-administration systems
- sample test case
- Automated Release Notes - easy-to-understand business documentation describing ISO changes.
- Automated Maintenance Feed - an XML file that allows for easy importing of ISO changes directly into rating systems.
Alternative method for using ISO content
If you like the concept of ISO ERC+software but have your own rate-management tools, ISO also offers an alternative method for using ISO content — ISO ERC.