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Cloud-based rating can free commercial insurers to focus on growth

Rating commercial insurance can be complicated. Every line of business has its own rating guidelines to follow, and every state has its own set of statutes and rules. Loss costs, rules, and rating factors frequently change. The number of hazards is growing, too, with new trends like the rise of the gig economy.

Incorporating ever-changing rating data can be expensive and time-consuming. But not staying up-to-date can cost even more since delaying even minor rate adjustments can quickly add up.

Cloud-based rating can free commercial insurers to focus on growth

Instead of spending time analyzing and implementing rating content and changes, insurers can get rating data direct from the insurance experts who write the ISO Commercial Lines Manual.

What if rating commercial insurance were more like placing an online shopping order? With just a few clicks, an insurer could send applicant data through a smart interface and receive rating information for a risk in seconds. Rating policies in real time—without a major technology investment—could help simplify the process and allow insurers to spend less time analyzing and programming rating formulas and more time growing their business.

Rating data without the IT investment

Responding to the need for a fresh way to think about rating, Verisk has introduced Rating-as-a-Service (RaaS). Insurers can now receive Verisk’s ISO Electronic Rating ContentTM (ERCTM) without having to install or maintain Verisk rating content or their own rating engine. RaaS is:

  • Easy to access: RaaS is a complete cloud-based rating solution that allows insurers to make a rating call and receive the rating results via a smart application programming interface (API). The solution also comes with a user interface so you can choose how you interact with the rating content. Insurers can then simply submit their applicant data directly through the interface of their choice.
  • Simple to customize: Includes an easy-to-use configuration tool to support an insurer’s customized rating deviations. Verisk can immediately calculate and return the rating request based on an insurer’s specific business needs, using the relevant information from the ISO Commercial Lines Manual.
  • Highly versatile: Provides access to Verisk rating content for other use cases, including actuarial analysis, testing validation, and rate comparison. With RaaS, insurers can quickly rate individual policies or an entire portfolio and analyze the impact of rate changes across lines of business.

Where Verisk can make a difference

Insurers can significantly simplify their workflow with ISO ERC from Verisk. Instead of spending time analyzing and implementing rating content and changes, insurers can get rating data direct from the insurance experts who write the ISO Commercial Lines Manual.

For those that want to use their own rating engine, you have the choice to access Verisk’s ISO ERC via Human-Readable Content (HRC) in HTML files, optimized for easy viewing and navigating by business analysts. Insurers can also access automated Machine-Readable Content (MRC) for delivery in XML files. A recent study from research firm Celent shows that implementing the new ISO ERC rating content offers more flexibility, efficiency, and agility.1

Whether insurers are entering new lines of business, expanding into new states, or seeking new efficiencies across their workflows, Verisk’s ISO ERC Rating-as-a-Service can help them get there faster.

Contact us to learn more about RaaS and get a demonstration from our sales team.


Mark Sheehan

Mark Sheehan is vice president, Rating Solutions at Verisk. You can contact Mark at Mark.Sheehan@verisk.com.


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  1. “Next Generation Verisk ISO ERC Solution: Digital Access to ISO Loss Costs, Rules, and Forms,” Celent, 2021, <https://www.celent.com/insights/620914116>

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