Verisk, a global data analytics and technology provider, has launched a new rating engine with the aim of helping insurers transform the process of developing new commercial lines products.

The new, cloud-based rating engine, known as Rating-as-a-Service (RaaS), allows insurers to send applicable rating inputs to Verisk via API, which are then applied to Verisk’s loss costs and rating algorithms to generate a quotable premium. Insurers can then apply deviations to make premium adjustments and customize unique insurance offerings.

Insurers can also expand the solution’s reach by integrating it with other Verisk solutions that support product development, underwriting automation, and portfolio assessment. RaaS is available for businessowners (BOP), crime, general liability and workers compensation, as well commercial auto, inland marine, property and umbrella.

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GGA Solutions, a nearshore business process outsourcing company in the Mexico and U.S. market, has launched a claims services division. The new arm of the company, GGA Claims Services, is equipped to take on workforce shortages in the claims adjuster space.

Since 2017, GGA Solutions has provided an array of BPO services to U.S.-based companies seeking multi-lingual customer services solutions, including sales, service, finance, insurance, medical plans, retail, technology, and online commerce. GGA Claims Solutions provides a suite of offerings from specific tasks like first notice of loss to claims handling.

GGA Claims Solutions’ claim representatives work out of Dallas-Fort Worth in Texas, and Puebla in Mexico, and have experience processing claims that include auto, home, and fixed property, among others. GGA offers a 90-day no-risk trial and no long-term contracts, as well as seasonal support.

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NEXT Insurance, a digital InsurTech company focused on small business insurance, announced the launch and availability of the Certificate of Insurance (COI) Analyzer – a new offering for small business owners to generate free, instant, custom-made COIs to show valid insurance coverage to potential employers.

NEXT’s COI Analyzer enables customers to upload a sample certificate and receive an automatically generated COI within seconds via the 24/7 self-service portal on desktop or mobile app. Advanced machine learning models read the sample document using optical character recognition and an object detector network to extract and understand the certificate holder details, as well as any special requirements that may be included in the sample certificate.

Sources: Verisk, GGA Solutions, NEXT Insurance