ISI is an Approved ISO/Verisk Strategic Alliance Partner
Through our relationship with ISO (a subsidiary of Verisk Analytics), we offer insurers a fully integrated policy administration suite including ISO Electronic Rating Content (ERC), Statistical Reporting and Compliance. With prepackaged ISO Content, insurers can streamline the process to make their system more responsive to changes and decrease their costs.
ISO Rating Service
The ISO Rating Service is an industry-standard rating engine that interfaces with ISI's policy administration system to provide rating services for the following lines of insurance business:
- Commercial Package
- Commercial Property
- Commercial Crime & Fidelity
- General Liability
- Commercial Inland Marine
- Business Owners
Additionally, carriers can utilize the framework of ISI Enterprise to roll out additional supported ISO lines with ease.
ISI Enterprise’s policy administration module is used to create and maintain quotes, policies, and customer information. When rating an ISO product, the premium calculations, mandatory form attachment, and statistical assignment data is obtained from the Rating Server component of the ISO Rating Service. Utilizing the integration insurers can:
- Stay current with ISO-Backed filings that are validated for sets of rules, loss costs and forms.
- Manage deviations against ISO rules through ISO Rating Service and ISI Enterprise.
- Benefit from real time processing
Our premiere insurance software suite also supports ISO Statistical reporting. Statistical data is retrieved during rating and stored with the policy data. ISI Enterprise includes tools to extract and translate that data for use in preparing statistical submissions. ISI’s team of insurance professionals are well versed in the creation and submission of ISO Statistical data and can provide the data for customer reporting and be involved in the submission process, including full handling of the reporting.
The Compliance module allows for the monitoring and management of ISO Circulars and Customer Filings. ISI receives daily updates directly from ISO on the latest circulars and analyzes them for their impact on customers. The compliance module accommodates communication between the customer and ISI on the need to implement Approved Circulars, as well as effective and release dates.
Customers can also review ISI's analysis and comments on Informational Circulars as well as entering their own custom filings for implementation. Circular and filing adoption is done in conjunction with the ISO Rating Service to allow for customer-specific dates and variations.