Exigen Insurance Solutions, a provider of end-to-end core solutions, has said that its PolicyCore will support commercial lines business through ISO's new Electronic Rating Content Associate Program.
Through a strategic relationship with ISO, Exigen Insurance as a participant of the program enables modern systems like PolicyCore to expedite the input of ISO rating content essential to the development of insurance products and to simplify ongoing maintenance of those products to provide considerable time and cost savings for insurers.
PolicyCore is Exigen Insurance’s policy administration, product configuration, and rating solution currently used by property and casualty insurers of all sizes to reduce operational costs and drive revenue growth.
According to Exigen, the integration of ISO electronic rating content completes PolicyCore’s support for personal and commercial lines. PolicyCore now supports any product, any line of business, and any distribution channel. The flexibility and extensive product and process configurability offered by PolicyCore allow carriers to add additional lines and volume as their business grows.
At the center of PolicyCore’s new commercial lines capability is Product Factory, an advanced rules- and tools-based product development and configuration tool. Product Factory accelerates product development through the reuse of existing product ‘building blocks’.
The building blocks correspond directly with ISO rating data, and Product Factory users will be able to collaboratively manage the product development process, including insurer-specific ISO product deviations. A product is composed of multiple building blocks, and only those affected by the new rating data require updating. Consequently, updates are substantially quicker than traditional methods.
Kevin Thompson, senior vice president of insurance services at ISO said: We designed ISO Electronic Rating Content in response to requests for a solution that can jump-start initial development of personal and commercial lines products. The savings for insurers are significant, as ISO typically makes 3,000 to 4,000 program changes per year in commercial lines alone.
Gwen Spertell, CEO of Exigen Insurance Solutions, said: We recognized that a live stream of ISO commercial lines rating data was critical to our success and ISO was very responsive to our request. When ISO data is released, our automated integration tools will import it to our rating engine and product templates.
With the combination of electronic ISO updates and the product configurability provided by Product Factory, we are able to bring a new value proposition to the commercial lines market. Insurers can get compliant products to market faster, easier, and more cost-effectively.