JERSEY CITY, N.J., February 2, 2016 — ISO has enhanced its Electronic Rating Content (ERC) Suite with new features that make it easier for insurers to identify and apply the latest rating information from ISO about today’s rapidly changing world of risk. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The new features highlight critical changes to ISO’s robust rating content. The enhancements include an automated maintenance feed that allows insurers to import the most recent changes to ISO loss costs and rating algorithms directly into their rating systems. The suite also features accompanying automated release notes, helping insurers identify the latest changes to rating information and logic with greater efficiency.
“For many customers, automated maintenance feed and automated release notes are true game changers,” said Mark Sheehan, head of ISO Rating Solutions. “The enhancements come directly from ISO and enable customers to dramatically reduce the overall time and effort often involved in analyzing, interpreting, and implementing changes. Now, insurers can easily import updates directly into their rating systems and improve accuracy.”
The ISO ERC Suite helps insurers save time by automating the manually intensive implementation process for ISO loss costs, rules, and coverage updates. According to a 2014 report by the Novarica Research Partners Program, companies using ISO ERC can reduce the average time spent manually processing an ISO update by 39 percent, from more than 560 to 340 hours. For additional details, please see How effectively and efficiently is your company implementing ISO loss costs, rules, and forms updates? at ~/link/c45419f723f040af8b755efecbffe304.aspx.
The automated maintenance feed and automated release notes features are offered at no additional charge to customers using the ISO ERC Suite.
To learn more, please visit us at www.verisk.com/iso/erc.html.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.