Integration delivers unprecedented ability for p/c carriers to absorb ISO content for faster time-to-market, accuracy, and reduced premium leakage
SOUTH PLAINFIELD, N.J. – ValueMomentum, Inc., a leading provider of Software & Services to Insurance Carriers, today announced its integration of ISO Electronic Rating Content within its standalone iFoundry Rating Engine. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq: VRSK).
The program will enable property/casualty insurance carriers using ISO rating to rapidly launch ISO lines and streamline the handling of ISO circulars. Support of ISO Electronic Rating Content (ERC) delivers unprecedented ability for p/c carriers to absorb ISO content for faster time-to-market, accuracy, and reduced premium leakage.
ISO typically makes 3,000 to 4,000 program changes a year.
"Maintaining rates, rules, and forms is a complex and labor-intensive process. While ISO-provided information is extremely valuable to carriers, the process typically used within insurance companies is manual, involves a large number of functional areas, and is generally inefficient. Rating solutions that have comprehensive support for ISO Electronic Rating Content can significantly accelerate time to market, reduce premium leakage, and lower costs," said Karlyn Carnahan, principal analyst, Novarica.
"The level of support that iFoundry offers for ISO rating with ISO Electronic Rating Content positions iFoundry Rating Engine as the most advanced standalone rating solution available to Insurance carriers," said Raj Samanthapudi, CEO of ValueMomentum, Inc."This furthers our strategy of providing market-leading solutions that help carriers differentiate in the marketplace with sophisticated product lifecycle management tools manifested in iFoundry Rating Engine and iFoundry Product Configurator."
Kevin Thompson, president of Insurance Programs and Analytic Services at ISO, said, "We're pleased to welcome ValueMomentum to the ISO Electronic Rating Content Associates Program. It's an exciting opportunity for us, for ValueMomentum, and for our common customers."
ValueMomentum provides technology services and business software to insurance, financial services, and health payor firms. Our customers like working with us because we deliver value to their initiatives, thereby, driving their momentum. ValueMomentum does this by applying a time-tested formula of combining strong technology expertise with deep industry experience.
ValueMomentum's software for insurance carriers includes iFoundry Rating Engine, iFoundry Product Configurator, and DealFoundry Underwriting and Portal. For more information, visit www.valuemomentum.com