Exigen Insurance Solutions (www.exigeninsurance.com), a leading provider of insurance core systems, has announced at the ACORD LOMA Insurance Systems Forum that PolicyCoreTM will support commercial lines business through ISO’s new Electronic Rating Content Associate Program. Through a strategic relationship with ISO, Exigen Insurance is one of the first participants of the program, which enables modern systems like PolicyCore to expedite the input of ISO rating content essential to the development of insurance products and to simplify ongoing maintenance of those products to provide considerable time and cost savings for insurers.
PolicyCore is Exigen Insurance’s highly-rated policy administration, product configuration, and rating solution currently used by property and casualty insurers of all sizes to reduce operational costs and drive revenue growth.
The integration of ISO Electronic Rating Content completes PolicyCore’s support for personal and commercial lines. PolicyCore now supports any product, any line of business, and any distribution channel. The flexibility and extensive product and process configurability offered by PolicyCore allow carriers to rapidly add additional lines and volume as their business grows.
“We designed ISO Electronic Rating Content in response to requests for a solution that can jump-start initial development of personal and commercial lines products,” said Kevin Thompson, senior vice president, Insurance Services, ISO. “Exigen Insurance was among the first to ask us to provide the program because they realized their modern architecture, data structure, and product configuration capabilities would allow a faster product integration path for live rating data than traditional approaches. Manual analysis and implementation of the ISO circulars are unnecessary, and data quality is improved. The savings for insurers are significant, as ISO typically makes 3,000 to 4,000 program changes per year in commercial lines alone.”
At the center of PolicyCore’s new commercial lines capability is Product FactoryTM, an advanced rules- and tools-based product development and configuration tool. Product Factory accelerates product development through the reuse of existing product “building blocks.” The building blocks correspond directly with ISO rating data, and Product Factory users are able to collaboratively manage the product development process, including insurer-specific ISO product deviations. A product is composed of multiple building blocks, and only those affected by the new rating data require updating. Consequently, updates are substantially quicker than traditional methods.
“Our goal is to meet both existing customer and broader market demand for a state-of-the-art personal and commercial lines policy administration solution,” says Gwen Spertell, CEO, Exigen Insurance Solutions. “We recognized that a live stream of ISO commercial lines rating data was critical to our success and ISO was very responsive to our request. When ISO data is released, our automated integration tools will import it to our rating engine and product templates. With the combination of electronic ISO updates and the product configurability provided by Product Factory, we are able to bring a new value proposition to the commercial lines market. Insurers can get compliant products to market faster, easier, and more cost-effectively.”