South Plainfield, New Jersey (PRWEB) June 11, 2014
ValueMomentum, Inc., a provider of software and services to insurance carriers, today announced that iFoundry™ Rating Engine is now available for rating with ISO Electronic Rating Content (ERC) for commercial lines, including General Liability, Commercial Auto, Business Owners Policy, Commercial Property, Inland Marine, and Crime. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
ValueMomentum had initially announced the integration of ISO Electronic Rating Content with its iFoundry Rating Engine product in October 2013. A recent Novarica Research Partners Program report, titled “ISO Support: A Comparison of Manual and Electronic Practices” and underwritten by ISO, revealed significant improvements in time to market and costs when using an electronic process:
- 39 percent reduction in overall work hours
- 58 percent decrease in work time for IT modifications
- 35 percent decrease in overall cost
Chad Hersh, managing director at Novarica, said, “Using an electronic process reduces the cost for complex circulars by 38 percent. The biggest cost savings is in loading the changes into the system. Carriers report an average savings of 59 percent when using electronic means on complex circulars,” adding, “rating solutions with comprehensive support for ISO Electronic Rating Content can significantly accelerate time to market, reduce premium leakage, and lower costs.”
Kevin Thompson, president of Insurance Programs and Analytic Services at ISO, said, “We’re pleased to note ValueMomentum’s commitment to the ISO Electronic Rating Content Associate Program. Availability of out-of-the-box rating for most Commercial Lines with ISO Electronic Rating Content provides good options for our common customers.”
Kalyan Kodali (“KK”), ValueMomentum’s president of Insurance & Healthcare, said, “Out-of-the-box rating availability for commercial lines using ISO Electronic Rating Content is noteworthy, since property and casualty carriers and MGAs that leverage ISO content for these lines will now have the unprecedented ability to launch new products and enter new markets instantly, while significantly increasing productivity and time-to-market for maintaining rates, rules and forms.”
ValueMomentum provides Software & Services to Insurance, Financial Services and Health Payer 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.