Wakefield, Mass. and Jersey City, N.J.– P&C policy and rating solutions provider ISO Insurance Technology Solutions (ISO-ITS) and consulting firm Edgewater Technology Inc. have entered into a strategic alliance.
Under the agreement, ISO-ITS and Edgewater will develop joint business opportunities for the ISO-ITS AscendantOne Policy Management Suite and ISO Rating Service, as well as Edgewater's systems integration and corporate performance management/business intelligence services.
The companies say that the collaboration will combine the rating and policy administration system from ISO-ITS with Edgewater's services to provide insurers with executive dashboards tailored around various rating scenarios, underwriting timelines, claims portfolio management and customer service performance. The offering is also intended to help insurers move from their legacy environment to a Web-based one.
"P&C insurers embarking on replacing or adding policy administration systems often put at risk a significant amount of time and dollars for such endeavors," says Lawrence Fortin, vice president of Wakefield, Mass.-based Edgewater's insurance practice. "Edgewater's collaboration with ISO-ITS offers insurers a solution that leverages tools and techniques that will streamline their enterprises in such mission-critical components as claims, policy issuance, billing, financial management, data warehousing and business intelligence."
The companies say the relationship will leverage each organization’s strengths to deliver and support solutions that provide greater operational and business flexibility at significantly lower cost–especially when compared with insurers' legacy applications.
"Insurance companies traditionally have had to fend for themselves when it comes to rating and rate maintenance assimilation, as well as policy management integration, into complex and multifaceted enterprise architecture environments," says John Joly, chief operating officer of ISO-ITS, which is a division of Jersey City, N.J.-based ISO Strategic Solutions Inc. "Edgewater's strategic alliance with ISO-ITS enables a cohesive solution, coupled with technology services, to P&C carriers."
Source: Edgewater Technology Inc.
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