Growth, time to market, and expense reduction are key business drivers in the P&C market today
Toronto, Ontario (Vocus) September 14, 2010
Camilion Solutions™, a leading provider of product development solutions for insurance, investments, and banking and modern P&C policy administration systems that create enterprise product agility, today announced that Mid-Continent Group, a member of Great American Insurance Group, will be Camilion’s first customer to use ISO Electronic Rating Content integrated with Authority Suite®. Mid-Continent Group will now have the ability to leverage pre-built insurance product definitions with interpreted electronic content for the quick and easy development of marketable products that include proprietary components.
“With our aggressive growth objectives and desire for self-sufficiency, it’s a no-brainer for us to work with Camilion to be their first customer to build out requirements for an ISO self-service solution. The integration of ISO Electronic Rating Content with Authority Suite will accelerate our time to market for new products, as well as reduce our implementation time and costs,” said H. Michael Coon, president and chief operating officer of Mid-Continent Casualty Company. “With the Camilion solution, we will be able to quickly and easily create products with interpreted ISO content right from the source, eliminating the time and effort previously required to manually review and update products using state manuals and ISO circulars.”
As the first ISO Electronic Rating Content Associate, Camilion worked closely with ISO to evaluate the Electronic Rating Content product as the basis for a full-service ISO-based solution. Using an advanced automated process for importing and testing ISO Electronic Rating Content, Camilion builds complete, functional insurance product definitions that can then be extended to meet a customer’s requirements. Camilion will also deliver ongoing updates to the insurance product definitions, including loss costs, rules, and policy forms to subscribing customers.
“Growth, time to market, and expense reduction are key business drivers in the P&C market today,” said Chad Hersh, principal, Insurance Practice, Novarica. “With more and more carriers leveraging ISO or modified ISO rates, rules, and forms, solutions that provide full support for ISO personal and commercial lines products will likely increase in popularity. The ability for carriers to extend base ISO products with proprietary product features without coding or help from a vendor could prove to be a significant differentiator.”
About Authority Suite
Authority Suite, powered by ProductAuthority®, is a modern rules and tools-based P&C policy administration system that supports ISO and other lines of business. The “no code” solution has sophisticated product configuration capabilities, as well as configurable automated workflows that facilitate collaboration. Among many significant new features, Authority Suite® 5.0 now includes full support for ISO personal and commercial lines products including up-to-date insurance product definitions — complete ISO product lines including loss costs, rating calculations, and form logic — that can be quickly and easily extended with proprietary product features. Camilion is the insurance industry’s first ISO Electronic Rating Content Associate.
About Camilion Solutions, Inc.
Camilion Solutions™ is a leading provider of product development and management solutions for insurance and other financial services organizations. Camilion’s innovative software solutions create enterprise product agility by allowing organizations to develop the right product for the right customer at the right time and enabling key strategic initiatives such as product life cycle management, dynamic product bundling, and product rationalization.
Some of the world’s largest financial services organizations are currently in production with Camilion’s ProductAuthority®, using it as a stand-alone enterprise product development and management solution or as the innovative product agility platform on which Authority Suite®, a P&C policy administration system, is built. ProductAuthority brings new levels of automation and efficiency to the product development process, enabling organizations to get quality products to market up to 30 percent faster. Built on a modern rules- and tools-based technology platform, Authority Suite is the insurance industry’s most product-agile P&C policy administration system.
Founded in 2001, Camilion is a privately owned corporation with offices in Toronto and New York City.
Authority Suite®, ProductAuthority®, and related names are trademarks of Camilion Solutions, Inc. All other products and services mentioned are trademarks of their respective companies.