Automatically Import ISO Electronic Rating Content™ into Your Core Systems to Achieve Growth and Reduce Costs
As the first ISO Electronic Rating Content Associate as well as the first policy administration system vendor to implement ISO Electronic Rating Content™ (ERC), Camilion is able to offer an innovative new approach to providing full-service ISO capability.
ProductAuthority®, an innovative insurance product development and management solution that includes a product configurator, rating engine, business rules engine and a product management workstation, enables insurers to automatically import ISO Electronic Rating Content for commercial and personal lines, into any P&C policy administration system or product dependent system, including Authority Suite®, Camilion’s modern rules and tools-based policy administration system.
Using an advanced automated process for importing and testing ISO Electronic Rating Content, Camilion builds complete, functional insurance product definitions that include up-to-date loss costs, rating algorithms, domain data, forms logic, underwriting questions and rules for all lines as interpreted by ISO. These product definitions can be used "as is" or quickly and easily tailored with company-specific deviations. Insurers can achieve both speed to market and flexibility with Camilion's pre-populated insurance product definitions for standard ISO offerings and highly customized ones.
The integration of interpreted ISO Electronic Rating Content with any P&C policy administration system including Authority Suite dramatically reduces implementation times and costs, while accelerating time to market.
Insurers can choose full-service ISO product maintenance or, because of ProductAuthority's unique inheritance and re-use capabilities, insurers can easily customize and tailor ISO insurance products with no vendor dependency.
Each insurance product can have its own unique deviations from ISO, allowing the creation of a family of products aimed at specific market segments. And because the insurance product definition is always kept intact, it is easy to refer back to a "pure" ISO base to document your deviations or inherit new ISO components for a future release of your product. Following implementation, Camilion will also deliver ongoing updates to subscribing customers.
Don't Code, Configure
Leveraging unique insurance product configuration tools, insurance product definitions can be easily extended without code.
- Configure loss cost multipliers
- Modify rating formulas
- Add customized rules, factors and tables
- Add customized product features such as proprietary coverages and forms
- Remove unneeded coverages and classes
- Combine ISO and customized coverages to create custom packaged products
Benefits of the Solution:
- Speed to Market. Streamline and accelerate the ISO product development process allows insurers to launch products into new markets and keep existing products current.
- Accuracy. Loss costs, rules and forms interpreted by ISO and delivered electronically.
- Faster and Cheaper. Implemented through configuration, not code. ISO Electronic Rating Content is pre-analyzed and interpreted by ISO, allowing insurers to focus on the business impact.
- Flexibility. Advanced inheritance and re-use capabilities enable quick and easy implementation of ISO, niche and company specific products on one system.
- Self-Sufficiency. Greater ability to configure custom deviations without vendor involvement and get products to market faster.
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