SAP unveiled on Tuesday a cloud-based offering for tracking and analyzing Insurance Service Office regulatory content. The product, SAP Circular Authority for Insurance, was developed by Camilion, a provider of insurance life-cycle and underwriting products that SAP acquired for an undisclosed sum in March.
Maintaining the millions of ISO rules, rates and forms is a significant task for most insurers. And ISO could make up to 75 changes a week, according to Ross Orrett, CEO of Camilion. Those changes are released in ISO circulars. And, he notes, insurers that delay putting the changes into their systems could be at a competitive disadvantage.
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