Rating-as-a-Service: Verisk’s Latest Rating Solution takes ISO Commercial Lines Rating to the Next Level

The property/casualty insurance industry is constantly evolving with new regulations, risks, and customer expectations. To stay competitive and rate their policies quickly and accurately, insurers must have the latest and most reliable rating information. Verisk provides that data via its ISO Electronic Rating Content™ (ERC™), the leading source and industry standard solution for delivering ISO rating information.

ISO ERC offers a modern solution for rating commercial insurance policies. It delivers all the essential information—data, rules, and forms—in a machine-readable format that computers can easily understand. This allows customers to automate their rating process, saving valuable time, money and resources by moving from a legacy rating process that is costly, inefficient and prone to error.

For customers who want built-in automated rating with their ERC data, Verisk now offers Rating-as-a-Service (RaaS).

Rating-as-a-Service (RaaS)

Rating-as-a-Service (RaaS) is a cloud-based rating engine powered by ISO ERC. RaaS allows insurers to rate their policies in real time without a major information technology investment. RaaS also provides a rating worksheet that documents the rating calculation for record keeping and compliance.

The Benefits of RaaS

The benefits of automated policy rating through RaaS are clear.

• RaaS streamlines insurance rating with automated updates. Forget about manually analyzing and implementing the complex ISO Commercial Lines Manual (CLM) and circulars. RaaS takes care of all that for you. Verisk does the heavy lifting, converting the CLM into a structured electronic format via ISO ERC. RaaS then automatically applies this information to your policies, saving you time and effort. Plus, Verisk keeps RaaS up to date with the latest ISO changes, ensuring you always have access to the most current rating content.
• RaaS simplifies the process of attaching forms to policies. It uses advanced logic that automatically identifies the correct forms based on your rating information and state regulations. This ensures your policies are always compliant and complete, giving you peace of mind.
• RaaS offers flexible customization options to tailor the rating process. Insurers can leverage pre-built models based on the ISO commercials lines program and adjust them with custom loss-cost multipliers or package modifications. Alternatively, insurers can utilize advanced tools to personalize their offerings, allowing them to add or remove coverages, modify rates or factors, and even create unique tiers or endorsements, all within the RaaS framework.
• RaaS streamlines product launch and market expansion for insurers. It provides easy access and management of diverse lines of business across various states. Insurers can also validate their rating results against Verisk’s implementation, ensuring accurate and consistent rating results. Additionally, RaaS offers an API for seamless integration with policy administration systems and external platforms, further enhancing operational efficiency.
• RaaS offers diverse benefits. Customers can easily access ISO rating content, unlocking its value for actuarial analysis and rate comparison.

A Revolutionary Approach to Rating

RaaS is a new way of thinking about rating based on ISO commercial lines programs. It gives insurers the rating content they need from day one without the hassle of manual processes or IT investments. Whether insurers are starting a new line of business, expanding into new states, or seeking to boost efficiency from top to bottom, RaaS can help deliver results faster.

Contact us to learn more about RaaS and get a demonstration from our sales team.