In spite of some changes to the core operations of its sponsor, the 2009 ISOTech Business Conference ended in Orlando today with a homogeneous approach, offering education and networking opportunities, as well as several new product announcements.
Like many companies over the past year, ISO has seen merger and acquisition changes. The company formed Verisk Analytics Inc. as a holding company in 2008 in anticipation of Verisk’s IPO this October, and is now a member of Verisk family of companies, which provides risk assessment solutions to insurance professionals. The company, which is partly owned by Warren Buffett's Berkshire Hathaway, is already targeting a broader vertical market, including healthcare, mortgage lending, government, risk management and human resources, and has told the greater press that it sees other potential deals in the insurance and risk management sectors.
The inner workings of Verisk Analytics, however, were imperceptible at the ISO Tech conference, however, as several insurance software providers introduced ISO-compatible products.
Camilion Solutions, a Canadian provider of insurance product development solutions and modern P&C policy administration systems, announced general availability of ProductAuthority version 6.7, the product development and management solution that powers Authority Suite.
Authority Suite is a modern, flexible, rules and tools-based P&C policy administration system that supports all ISO and non-ISO lines of business. The solution includes product configuration capabilities that enable inheritance and re-use of existing product components to accelerate product development. Through the Lifecycle Manager functionality in ProductAuthority, Authority Suite users will also be able to collaboratively manage the product development process including insurer-specific ISO product deviations. Automated workflows dramatically reduce the time and effort required to get new products and product changes out the door and the ability to track and manage all participants, tasks and approvals enables insurers to identify and eliminate bottlenecks. The solution offers the ability to leverage ISO data, centralize all product information in a product repository and audit product development processes to ensure regulatory compliance.
Now with this latest version, Authority Suite has enhanced concurrent product development and compliance capabilities that enable insurers to bring compliant products to market faster, easier and more cost-effectively, says the vendor. ProductAuthority also now provides Authority Suite customers with support for multi-location, multi-stream concurrent product configuration. This enables large, geographically-dispersed product development and IT teams to work together more efficiently and effectively and develop multiple products concurrently to better service their producers and capitalize on additional revenue opportunities. In addition to Oracle database support, ProductAuthority is now supported on the IBM DB2 database, which is widely deployed in the insurance industry.
Guidewire, another P&C insurance core systems provider, released a new version of Guidewire’s PolicyCenter, specifically for its underwriting and policy administration systems: Version 4.0 reflects input from the expanding group of leading insurers leveraging PolicyCenter to deliver insurance their way. Featured enhancements in version 4.0 include:
Product Offerings – accelerates speed to market and enables insurers to better meet the needs of different customer segments by quickly defining tailored variations of productsfor different groups of buyers;
Additional Lines of Business -- includes pre-configured support for a number of additional lines of business;
- Sophisticated product availability conditions-- new fine-grained control over product definitions, effective dates, and transaction types;
- Enhanced Premium Reporting and Audit Capabilities-- streamlines the often labor intensive process of managing premium reports and audits with flexible scheduling, waiving, entry of reports and audits, plus smooth integration with billing;
- Underwriting Authority Management -- provides insurers with flexibility in delegating underwriting authority to agents and brokers, as well as users in various internal roles, while still ensuring that guidelines are consistently enforced; and
- Multi-language Support-- intuitive user interface (covering the full range of new business, underwriting and policy management activities), now supports multiple languages. Users can simply toggle between available languages, greatly facilitating ease of working with clients and agents in their preferred language.
ISO announced its ProMetrix suite of services designed to help insurers assess, measure, and manage risk. This suite of services centers around ISO’s property information database — a site-verified source of underwriting and rating data on more than 3 million U.S.-based commercial buildings and their business occupants.
ProMetrix customers can access any combination of the following services:
ISO’s Specific Property Information (SPI Plus) — online Web access to all ProMetrix reports and services;
ProMetrix API (application program interface) — an automated host-to-host connection between ISO’s and customer’s processing systems;
LOCATION Analyst Commercial — ISO’s spatial risk-management system for portfolio analysis;
ProMetrix inside 360Value — for replacement-cost valuations; and
ProMetrix inside TruExposure — for use in AIR Worldwide’s catastrophe modeling software.
ISO’s long history of collecting site-verified building data is leveraged by using that data along with intelligent analytics, underwriting and rating information, as well as third-party resources to offer customers a comprehensive solution. The system is designed to help insurers using ProMetrix to reduce their unit cost of data with licensed-based ordering and gain automated API access for commercial property business needs. The suite offers a growing inventory of on-site surveys of commercial buildings and provides data integration and ease of use. ProMetrix also delivers continued online access to SPI Plus and eliminates manual data entry while streamlining the underwriting process.
Finally, Unirisx LLC announced that it would integrate ISO Rating Service into its offerings. In contract with ISO, the companies report that Unirisx will use SaaS (Software as a Service) to fully integrate and offer ISO Rating Service, an automated insurer rate-management system, creating opportunities for insurers to take advantage of electronic delivery of the service.
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