Combining Unmatched Data and Analytics for Commercial Lines
Verisk delivers industry-leading data to power Earnix analytics. Seamless integration with ISO Electronic Rating ContentTM (ISO ERCTM) combined with Earnix integration, deviation management, and advanced analytics capabilities give commercial lines insurers enhanced flexibility, faster speed to market, additional customer acquisition options, and increased profitability.
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Better commercial lines underwriting decisions demand tight, reliable integration with industry-leading analytics tools like Earnix and access to top-tier data. The Earnix Price-It Integration for ISO ERC provides a strategic advantage by automating ISO Electronic Rating Content updates, managing deviations, ensuring consistency, and enabling insurers to leverage powerful scenario analysis and advanced analytics.
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In a world that demands increasing speed to combat competitive pressures, commercial lines insurers need access to specific data sets to improve their underwriting. Data volume and variety are no guarantee of success – instead, specific, targeted data are required to automate processes for actionable insights – without compromising the integrity of underwriting decisions.
Verisk, as a global data analytics and risk assessment leader, brings proprietary data and analytics, advanced modeling, and interpretations to insurers globally. The delivery options available for key rating content through ISO ERC, when combined with Earnix analytics excellence, enhance accuracy and reduce delivery time.
Earnix’s Price-It solution for ISO ERC automates update processes, delivering savings, reducing premium leakage, ensuring regulatory compliance, and accelerating time to market. Pre-loaded ISO ERC content increases efficiency and flexibility, enabling you to deviate from ISO rates, create “what-if” scenarios, and embed additional models as needed.
Benefits
The Earnix Price-It Integration for Verisk’s ISO Electronic Rating Content™ (ISO ERC™) delivers a set of key benefits to commercial lines insurers:
Improve Speed to Market
Quickly adopt ISO circulars and make additional deviations with unparalleled efficiency, flexibility, and control, allowing you to seize market opportunities well ahead of the competition. Reduce update time by up to 30%.
Reduce Operational Costs
Automate resource-intensive tasks and eliminate the need for costly third-party resources, ensuring your ISO products are always up-to-date and optimized. Decrease overall costs by 35%.
Smarter, More Differentiated Pricing Decisions
Stay ahead of the game by seamlessly integrating the latest actuarial enhancements and cutting-edge pricing techniques and optimize your pricing strategies through simulations and impact evaluations.
Ensure Regulatory Compliance with Precision
Dramatically reduce the risk of errors and regulatory fines associated with ISO updates through automation. This ensures that your compliance is not just met but exceeded, giving you peace of mind and a competitive edge.
Liberate Key Resources for Strategic Growth
Free your team members from manual coding, testing, and deploying ISO circulars. Redirect their expertise to high-value strategic initiatives and other business lines, driving growth and innovation.
Capabilities
Seamless ISO Ingestion
Automatically import and update ISO ERC data in Earnix Price-It, ensuring precise and efficient integration of rates, rules, and new coverages. Easily accept, reject, or deviate from new circulars without manual coding or testing.
Manage Deviations with Comprehensive Version Control
Enables insurers to maintain and apply their previous deviations whenever new updates are provided, ensuring consistency and control over their customizations.
Impact Evaluation with Advanced Analytics and Scenario Analysis
Utilize advanced analytics to simulate and evaluate the impact of ISO updates, deviations, and new pricing scenarios on key business metrics. Assess multiple what-if scenarios to optimize pricing strategies and enhance decision-making.
About Our Partnership
“At Verisk, we are committed to empowering insurers with the most accurate ISO Electronic Rating ContentTM. When combined with Earnix’s advanced pricing capabilities, the joint solution enables insurers to simulate, refine, and optimize financial outcomes before going live, creating faster and more confident decisions. It is a powerful example of how our partnerships bring measurable value to insurers, whether they are long-time ISO users or just beginning their journey.”
— Troy G. Smith, Vice President, Rating Solutions, Verisk
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