Next Generation of Verisk Rating Solution Can Boost Insurers’ Efficiency and Speed to Market

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has launched a new cloud-based version of its ISO Electronic Rating Content (ERC), designed to enhance speed and efficiency for commercial lines insurers. This upgrade enables insurers to access updated loss costs, rules, and coverage easily through smart APIs. Key features include Rating-as-a-Service, human-readable content for business analysts, and machine-readable content for rating engines. The ERC solution aims to accelerate market readiness and streamline insurers' operations.

Positive

• Launch of cloud-based ISO ERC improves operational efficiency for insurers.
• Multiple deployment options cater to diverse insurer needs.
• Enhanced speed to market with updated rating systems.

Negative

• None.

New Cloud-Based Version of ISO Electronic Rating Content (ERC) Enables Commercial Lines Insurers to More Quickly and Easily Use the Latest ISO Loss Costs, Rules and Coverage Updates

JERSEY CITY, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Responding to a deep industry need for speed and efficiency, Verisk (Nasdaq:VRSK), a leading global data analytics provider, has launched a new cloud-based version of its ISO Electronic Rating Content^TM (ERC^TM) solution that can dramatically reduce the time and effort that commercial lines insurers spend updating rating content.

The next generation of ERC is cloud-based and accessible via smart APIs. It is also significantly easier for insurers to use, integrate and test. The solution includes multiple deployment options to satisfy insurers' diverse needs, including:

• • Rating-as-a-Service designed to eliminate insurers’ need to host or maintain ISO content
  • Human-readable content designed for business analysts, effectively eliminating the need for insurers to analyze and interpret ISO content
  • Machine-readable content specifically tailored to be consumed into insurers’ rating engines, a powerful option for those who wish to maintain the ISO content themselves
  • Validation tools designed to streamline insurers’ testing efforts

These enhancements can lead to tremendous advances in speed to market and reduce the time insurers need to keep their rating systems current.

“In the rapidly evolving commercial lines market, many insurers are looking for ways to rate risks with increased speed, reliability and flexibility," said Mark Sheehan, head of ISO Rating Solutions. “The next generation of ISO ERC responds to that need. We are very excited to help our customers by offering improved efficiency and accelerated speed to market.”

ERC is powered by Verisk’s Rulebook, an award-winning pricing, underwriting and distribution platform.

ERC is currently available for Commercial Property, Commercial Auto, Businessowners (BOP), General Liability and Workers Compensation, with the remaining lines to be rolled out in phases in the coming months.

Learn more about ERC.

About Verisk 
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.

FAQ

What is the new cloud-based ISO ERC launched by Verisk?

The new ISO ERC is a cloud-based solution that provides commercial lines insurers with easy access to updated loss costs, rules, and coverage information through smart APIs.

How does the ISO ERC improve efficiency for insurers?

The ISO ERC reduces the time and effort needed for insurers to update their rating content, thereby increasing operational efficiency and speed to market.

What are the key features of Verisk's new ISO ERC?

Key features include Rating-as-a-Service, human-readable and machine-readable content, and validation tools to streamline testing efforts.

What types of insurance lines does the new ISO ERC support?

The ERC currently supports Commercial Property, Commercial Auto, Businessowners (BOP), General Liability, and Workers Compensation, with more lines to be added later.

When was the new ISO ERC launched by Verisk?

The new cloud-based ISO ERC was launched on November 4, 2021.