ISO RESERVING TOOL PROVIDES CUSTOMIZED ANALYTICSISO, Jersey City, N.J., has developed a loss-reserving tool that draws on large detailed ISO databases to enable insurers to set loss reserves more accurately. Insurers can use the results of the new ISO tool to benchmark reserves against ISO direct (before reinsurance) data and provide ranges around their own reserves. The new loss-reserving tool mirrors an insurer's book of business for each line of insurance to produce two customized aggregate loss development data reports-the Mix of Business Report and the Segment Report. The Mix of Business Report uses ISO aggregate data that is customized for the insurer's unique mix of business to generate multiple estimates of the carrier's loss reserves. After the insurer selects its best estimate of reserves, the tool provides several confidence intervals, or ranges of results, around the best estimate. The Segment Report provides an analysis of ISO aggregate data for the segments-by state, coverage or class groupings-that the insurer has selected.
PORTELLUS UNVEILS CUSTOMER READINESS LAB
Portellus Inc., an Irvine, Calif.-based provider of technology tools and services for the financial services industry, has opened a Customer Readiness Lab (CRL) for prospective clients. The CRL is designed for testing, evaluation and solution simulation. Prospects can experience hands-on examination of the features, functionality and compatibility of Portellus' solutions, and talk to the company's solutions architects, business analysts, project managers, quality control specialists and trainers. Portellus provides decision management, business rules management, portal solutions and a rating and underwriting engine.
FISERV'S VERSION 1.10 OF POLICY STAR ADDS THREE BUSINESS LINES
Fiserv Insurance Solutions, a unit of Fiserv Inc., Brookfield, Wis., has launched version 1.10 of the Policy STAR system for policy administration. With the addition of support for boiler/machinery, commercial output and dwelling fire lines of business, Policy STAR clients have processing support for 14 lines of personal and commercial business in a single system. Policy STAR's architecture, based on open service-oriented architecture principles, provides scalability for property and casualty carriers of all sizes. Policy STAR includes a suite of Web services, designed to enable insurance carriers to extend the policy administration system to larger business processes more easily.
MS/B RELEASES NEW PRICE SURGE DATABASE, IMPROVES CLAIMS ESTIMATING FOR UPSCALE HOMES
Los Angeles-based Marshall and Swift/Boeckh (MS/B) has released a Price Surge Indicator database that addresses the volatility and special cost considerations following catastrophic events. The database, which reflects price surge occurring in local markets, is updated and delivered on a monthly basis. The Price Surge Indicator is designed to enable underwriters, actuaries, and modelers to better understand and respond to construction cost volatility, track demand surge to identify normative cost escalation, and predict and measure the future impact of similar catastrophic events on building costs. MS/B also is augmenting its IntegriClaim field estimating product with operations, features and finishes customarily found in high-value homes. For instance, IntegriClaim now has more than 300 upscale or high-value components including built-in aquariums, windows with built-in shades, arbors, and granite and marble sunken tubs.
INSYSTEMS TRACKER 6.3 OPTIMIZES SERFF, KEEPS REGULATORY CONTENT UP-TO-DATE
Tracker 6.3 has been introduced by InSystems, the Markham, Ont.-based specialists in document and compliance automation for insurance and financial services organizations. Tracker's seamless direct integration with the NAIC's System for Electronic Rate and Form Filings (SERFF) makes SERFF faster and more productive for companies, according to InSystems. In side-by-side testing, Tracker slashed the time for multi-state filings by 60% to 70% versus using SERFF alone, the company claims. Additionally, with Tracker, insurers can now pay filing fees via EFT for fully electronic filing, and receive automated content updates electronically as often as needed.
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