ISO ERC Fuels Rapid Launch of Starr’s New BOP Program
JERSEY CITY, N.J., January 9, 2018 — ISO Electronic Rating ContentTM (ISO ERCTM) enabled Starr Companies to launch a new direct-to-consumer BOP (businessowners policy) program on a rapid scale across the United States last year. ISO ERC helps insurers innovate and expand by automating the manual implementation process for ISO loss costs, rules, and coverage updates. ISO is a Verisk (Nasdaq:VRSK) business.
“ISO ERC allowed Starr to integrate real-time ISO BOP rating content with our new digital technology platform,” said Mike Toran, CIO of Starr Companies. “This automation remains a strategic component in our technology build as we expand into this fast-growth segment, and it builds a foundation for future product development.”
Starr was able to deploy its new online program with the help of Solartis, an insurance technology vendor that has fully integrated ISO ERC into its Solartis Insure platform. Using the ISO ERC automated maintenance feed, the most recent changes to ISO loss costs and rating algorithms were imported directly into Solartis Insure, enabling Starr to roll out its program across the country in six months and keep it updated.
“Developing and introducing digital insurance products can often take a long time in today’s highly complex and regulated marketplace,” said Mark Sheehan, vice president and head of ISO Rating Solutions. “We developed ISO ERC to accelerate the industry’s transition to digital. With ISO ERC, companies like Starr are able to efficiently keep their rating content up to date and help meet the growing need for a faster and more convenient buying experience.”
“The latest version of ISO ERC is a game changer,” said Karen Furtado, a partner at Strategy Meets Action (SMA) who authored a case study on the rollout. “By transforming the highly manual but essential process of updating rating content, ISO ERC is enabling insurers to launch new products and respond to changing market conditions with speed and efficiency.” To learn more about the SMA case study, visit www.verisk.com/erc.
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 (Nasdaq:VRSK) business. For more information, please visit www.verisk.com/iso.