Tata Consultancy Services, a global IT services firm based in Mumbai, India, has been named a "Preferred Partner" by ISO for the ISO Rating Service. ISO is a leading provider of products and services that help measure, manage and reduce risk. As a result, TCS' flagship insurance framework, Integrated Insurance Management System (IIMS), will be expanded with the content of ISO circulars--loss costs, forms assignment and rules based on state regulations--supported and validated by ISO's industry experts and actuarial staff.
IIMS is an Internet-based solution that handles all the key insurance functions, including product definition, handling of policies, administration, claims, agency management and customer relationship management (CRM) in ISO lines. IIMS can be deployed by insurers as an integrated system or as separate components.
ISO provides "lost costs" and other rating factor information to the insurance industry, as well as various policy forms used in personal and commercial lines of insurance. The newly-implemented ISO Rating Service gives the industry an accessible mechanism to navigate one of the most time-consuming, costly and error-prone areas of the insurance business by differentiating between ratings.
"Ultimately, our customers using IIMS will derive the greatest value out of this relationship, as ISO Rating Service allows insurers to efficiently analyze and adopt ISO programs and updates, as well as improve their time-to-market performance and simplify regulatory compliance--all the while using a complete Web-based system," said Krishna Bhagavatula, director of TCS' Insurance practice for TCS America, Naperville, Ill.
Source: Tata Consultancy Services
