ANALYSIS - VALUE MOMENTUM
MAXIMIZE ISO, NCCI AND RATING FOR OTHER BUREAUS WITH MODERN TOOLS Automating bureau updates enhances your ability to compete
manual processes have numerous pitfalls. For one, this involves a manual process associated with accessing, interpreting, assessing the impact and implementing by Abhijeet Jhaveri each ISO circular. Implementation itself involves making changes ike many MGAs, coverholders to administration systems, rating and program administrators, systems and also the systems of your firm likely stays engagement with such products competitive by constantly – used by agents, customers and scanning the horizon for new niche employees. segments and capitalizes on them to become markets of choice for In response, several years ago ISO your producer partners. Naturally, developed the ISO Electronic Rating to profitably design, package and Content (ERC), which delivers launch products targeted at these ISO and NCCI (via a partnership niches, it’s imperative to correctly with NCCI) content digitally. price policies for developing Unsurprisingly, the trick for your favorable loss ratios and to control firm is implementing a digital rating operational expenses. solution compatible with ingesting these electronic files quickly and Frequently, firms like yours leverage efficiently and manifesting the ISO, and other bureaus, for rates, content across systems – portals, rules and forms to stay current with rating and administration systems. the loss cost trends, new product forms and regulatory changes As with any technology, you can required for pricing policies. either develop a rating system However, the traditional processes yourself or purchase a purposefor implementing and maintaining build solution from a technology such content have been manual, vendor. But how to decide? tedious and time-consuming. This article examines the key considerations for evaluating In an era where customers, agents rating solutions to ensure your firm and employees are demanding makes the best choice. digital products, processes and engagement, such traditional See Maximize Bureau Utility Pg 22
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BOUT THE AUTHOR: Abhijeet Jhaveri is Chief Marketing Officer at ValueMomentum and leads ValueMomentum’s softwareas-a-service business targeted at the MGA, Program Administrator and Coverholder markets. Abhijeet and his team works with MGAs, Program Administrators and Coverholders to deploy ValueMomentum’s iFoundry rating software with support for ISO, NCCI, AAIS and proprietary rate plans and extend these to agents, customers and employees with ValueMomentum’s BizDynamics Digital Experience Solution and App2Data ACORD forms processing Solution.
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JULY 2017
TABLE OF CONTENTS
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