Mid-Hudson Co-Operative Insurance Company Selects Verisk’s Sequel to Deploy Integrated Underwriting and Claims Solutions Following Migration to ISO Electronic Rating Content
JERSEY CITY, N.J. — April 15, 2021 — Mid-Hudson Co-Operative Insurance Company (MHC) has selected Verisk’s Sequel to provide underwriting and claims solutions to underpin migration to ISO Electronic Rating Content™ (ERC) for rating support.
New York-based MHC is a member of the National Association of Mutual Insurance Companies and provides personal, commercial and farm insurance via New York state agency Statewide Underwriting Services.
Verisk’s ISO ERC solution helps insurers stay current and implement the necessary updates ISO makes to its advisory loss costs, rules and forms for a range of insurance classes and reduces the time and effort required to analyze regular ISO updates, eliminating tedious work and quickening ratings workflows.
Eddie Harper President and CEO of Statewide Underwriting Services said of the agreement, “We were impressed by both the Sequel technology and expertise and the fact that Sequel is a Verisk solution was an important component in our decision making. Like many agencies and insurers moving to ISO ERC for rating support is key to providing an efficient service to our customers. However, it was also important to upgrade our underwriting, policy administration and claims platform overall, hence the dialogue with Verisk. Verisk’s Sequel suite has a range of leading-edge solutions and the expertise to support MGAs, coverholders and insurers on a global basis.”
Rob Stavrou Chief Commercial Officer – U.S. and APAC over Verisk’s Sequel solutions, said of the implementation, “We are delighted to work with Eddie and his team at Statewide Underwriting Services and MHC. In addition to migrating to ISO ERC for rating support many insurers need to upgrade their underwriting, policy administration and claims platforms to compete and meet the expectations of their clients. The two go hand in hand. Our aim is to provide scalable solutions that capture data and integrate with distribution channels and third-party data critical to supporting efficient underwriting and product development.”
Verisk’s Sequel solution suite offers full end-to-end management of insurance and reinsurance business, offering clients a clearer vision to grow their business with greater efficiency, flexibility and data governance. Verisk offers Sequel across the global insurance markets from offices in New Jersey, London and Malaga, Spain.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
About Statewide Underwriting Services
Statewide Underwriting Services (SWUS) is the MGA that facilitates and coordinates all major functions for doing business with Claverack Co-Op, Mid-Hudson Co-Op, and Midrox Insurance Companies. SWUS is the single point of entry to all three underwriting companies, allowing agents to enjoy greater ease of doing business and to take full advantage of the benefits available through all three companies. For more information, please visit www.swus.com, call 845-457-5001, or email firstname.lastname@example.org.
Edelman (for Verisk)