Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 22nd of February 2018
October 13, 2011

ISO enhances Rating Service offering

by Gill Montia

Story link: ISO enhances Rating Service offering

ISO has developed newly formatted algorithm files to accompany its ISO Rating Service and ISO Electronic Rating Content.

Rating data and the rules for acting upon rating data are now in formats that can be uploaded to a policy administration system, with the new algorithm files providing implementation-level details for four main functions:

• premium calculations
• policy forms attachment logic
• statistical code assignment
• business edits

The files are available in MS-Excel and XML formats and according to the insurance IT specialist, will provide significant advantages to customers using ISO-based products.

Commenting on the development, Donald Light, senior analyst at IT research and consulting firm, Celent, says: “The change will help insurers get to market faster and more accurately.”

Adding: “It will also facilitate the work of the increasing number of vendors who offer update services to their policy administration insurer customers.”

 

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