ValueMomentum, an insurance focused software and services provider, announced James River Insurance's successful deployment of iFoundry Rating Engine with out-of-the-box ISO Electronic Rating Content for commercial lines.
James River can now keep up to date with ISO leveraging iFoundry and ISO Electronic Rating Content in 50 States.
ISO is a Verisk Analytics (VRSK) business. James River Insurance is also benefiting from online commercial lines rate and quote, by using iFoundry Rating Engine in combination with ValueMomentum’s DealFoundry Express – a solution that supports quoting for ISO lines by insurers’ internal staff as well as by retail agents.
"Through ease of import for ISO Electronic Rating Content, iFoundry Rating Engine has saved our team time and effort in interpreting ISO releases. Our team can now visually identify elements that have changed from one release to another, and can take actions in a much more efficient manner," said Adarsh Singh, assistant vice president, information technology, James River Insurance Group.
"iFoundry Rating Engine via its integration with ISO Electronic Rating Content allows insurers to launch new lines faster and automatically keep up to date with ISO releases", said Jim Carlucci, Vice President, Insurance at ValueMomentum.
"iFoundry also provides the flexibility to implement company specific deviations from ISO base rating factors and rules. This brings an unprecedented level of control and self-sufficiency to the carrier."
ISO has long been a leading source of information for property/casualty insurance risk. "ISO congratulates ValueMomentum on the successful roll out of iFoundry at James River," said Mark Sheehan, assistant vice president, ISO. "We’re delighted to see more carriers like James River Insurance use ISO Electronic Rating Content to its optimal potential through partners such as ValueMomentum."
ValueMomentum has invested in making ISO Electronic Rating Content available out-of-the-box with iFoundry for General Liability, Commercial Auto, Commercial Property, Business Owners Policy, Commercial Inland Marine and Crime.