- Research insights that highlight the benefits of using electronic over manual practices in supporting ISO releases and available options;
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- How James River Insurance is making a dramatic difference by consuming ISO releases electronically
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How can insurers benefit from using ISO Electronic Rating Content?
1. How Can Insurers Benefit From Using
ISO Electronic Rating Content?
Sponsored by
2. Featured Presenters
Our knowledgeable speakers today are:
Peggy Bresnick Kendler
Contributing Editor
Insurance and
Technology
Mark Sheehan
Assistant Vice
President
ISO
James Carlucci
VP Insurance
ValueMomentum
Adarsh Singh
AVP of IT
James River
Insurance Co.
3.
4. • Customer Experience: Competitive differentiator.
• Consider Cloud: For various projects.
• Collaboration: Among all parties.
• Compliance: Involves every area of the organization.
• Channel Proliferation: Challenges and opportunities.
• Core Systems: Is it time to modernize?
6. 6
Product Comparison
Functionality ISO Insurance
Manuals
ISO IntegRater™ ISO Electronic
Copyright Insurance Services Office, Inc.
Rating Content
ISO Rating Service®
Narrative description of line-of-business rules and advisory loss
costs (online, PDF, MS-Word or paper-based)
•
Formatted file of advisory loss costs • • •
Formatted file of valid coverage limits and factors • • •
Formatted file of valid deductibles and factors • • •
Formatted file of valid additional rating data such as
• • •
classification codes, territories, legal entities, etc.
Formatted file of valid form numbers and edition dates • •
Technical specifications for calculating policy and coverage
premiums
• •
Technical specifications for forms attachment logic • •
Technical specifications for stat code assignment • •
Technical specifications for validation rules • •
Fully automated code for calculating policy and coverage
•
premiums
Fully automated code for forms attachment logic •
Fully automated code for stat code assignment •
Fully automated code for validation rules •
8. 8
How to Download Report
http://www.iso.com/Products/Rating-Underwriting-and-
Policy-Management-Systems/ISO-Electronic-Rating-
Content.html
Or simply email me at:
msheehan@iso.com
Copyright Insurance Services Office, Inc.
9. 9
What functionality is included?
Copyright Insurance Services Office, Inc.
ISO defined:
– Premium Calculation
– Form Attachment Logic
– Premium Stat Code Assignment (ISO Full
Plan)
– Business Edits
…with ongoing maintenance…
10. 10
Major Deliverables
• Formatted File (MS-Excel and XML) available for upload to PAS
– Required tables and their relationships, such as:
• Parent-child relationships
• Fields and field sizes
• Keys
– Valid data entry fields, such as:
Copyright Insurance Services Office, Inc.
• Limits
• Deductibles
– Valid system tables and their entries, such as:
• Advisory Loss Costs
• Increased Limits Factors
• Classification Codes/Descriptions
• Technical Specifications (MS-Excel and XML)
– Premium Calculations
– Form Attachment Logic
– Premium Stat Code Assignment Logic (ISO Full Stat Plan)
– Business Edits
• Sample Test case for each LOB/state
11. 11
What “Base Content” is available?
• ISO Commercial Lines
– Business Owners
– Commercial Auto
– Commercial Inland Marine (filed and non-filed)
– General Liability
– Commercial Umbrella
– Commercial Property
– Crime and Fidelity
– Commercial Package Policy
• ISO Personal Lines
Copyright Insurance Services Office, Inc.
– Personal Auto
– Homeowners
• Workers Compensation
– Bureau States
– Non-monopolistic (independent bureau) states
12. 12
Currency of Content
• LOB’s are 4 – 7 months in advance of
effective date, for example:
– Commercial Auto – through March 2015
– Commercial Property – through April 2015
Copyright Insurance Services Office, Inc.
13. 13
ISO Electronic Rating Content
Delivery Model
ISO LOB
State
ISO LOB
Countrywide
= Content from
ISO State Manual
= Content from
ISO Multi-State Manual
Copyright Insurance Services Office, Inc.
14. BOF Rule# Name
RUL Primary Rule Liability Coverage Commercial Auto Vehicle Liability Coverage.Premium
TAB DBTablesUsed Commercial Auto Vehicle Liability Coverage
BBB Total Premium Commercial Auto Vehicle Liability Coverage
COM Type Operator Value
PCH Premium
IFB CW1Condition IF
IFM CW1 (
IFM CW1 Vehicle Type
IFM CW1 Is Equal To "Truck"
IFE CW1 )
IFB CW1Condition IF
IFM CW1 (
IFM CW1 Trailer How Used
IFM CW1 Is Equal To "Not Applicable"
IFM CW1 Or Trailer How Used
IFM CW1 Is Equal To "Used In Dumping Operations"
IFE CW1 )
CVS Assignment Premium
CVMCW1 =
CVMCW1 ( Base Premium
CVMCW1 * Premium ILFDeductible
CVMCW1 * Liability Combined Rating Factor
CVMCW1 * Fleet Factor
CVMCW1 * Accident Prevention Discount Factor
CVMCW1 * Hired Auto Factor
14
Premium Calculation Example
Copyright Insurance Services Office, Inc.
15. 15
Rates & Valid Values Electronically…
• Need to know the ISO Loss Costs for a specific Ratebook
Release?
• Create a custom file with your company’s exceptions for
development.
• Create a file for use with your company’s modeling tools.
• Create a file for your actuaries as an analysis tool.
Copyright Insurance Services Office, Inc.
17. 17
General
• Services Model
• Partners
• Customers range from…
– Start ups with $0 DWP
– Tier 1 insurers with all lines/states
Copyright Insurance Services Office, Inc.
18. Polling Question:
Do you stay up to date with ISO content? (select one)
1. Yes, we are always up to date
2. No, we fall behind on updates due to scarce resources
for analyzing and implementing ISO changes
3. Yes, on a case-by-case basis: we analyze each change,
and decide whether or not to implement the change
4. No, because ISO updates aren't critical to our business
5. We not currently an ISO customer
19. Results:
Do you stay up to date with ISO content? (select one)
5.30% Yes, we are always up to date
26.30% No, we fall behind on updates due to scarce resources
for analyzing and implementing ISO changes
31.60% Yes, on a case-by-case basis: we analyze each change,
and decide whether or not to implement the change
5.30% No, because ISO updates aren't critical to our business
31.60% We are not currently an ISO customer
20. James Carlucci
Vice President, Insurance
James.Carlucci@valuemomentum.com
908-531-5354
21. 21
Corporate overview
Corporate Facts 40
Software & Services Firm
Insurance & Financial Services
Established in 2000 with HQ in NJ, USA
Global team size: 850
100+ dedicated R&D team
Insurance Carriers
Served
Technology solutions designed to help insurers increase momentum
by improving their front office operations and increasing the
collaboration between channel, field force and back office.
Property & Casualty Business Focus
Personal, Small Commercial
Mid-market, Large Commercial
Specialty, E&S, MGA
Workers Comp
22. 22
Our Software Offerings – Front Office Focus
Business
Intelligence /
Reporting
Business
Intelligence / Repository
Document Management & Workflow/BPM
Distribution
Management
Agent
Portal
Underwriting
Workbench
Rating
Engine
CCuussttoommeerr PPoorrttaall CCRRMM
Core Claims
System
Reinsurance
Management
Billing
Core Policy Admin
System
Disbursement
General
Ledger
Document Creation
Specialized
Components
www.novarica.com
Rating Engine
Underwriting & Portal
Biz | Dynamics
For Dyamics CRM
23. 23
Business Needs associated with rating for ISO
Do they have the ISO lines we write? Lines we
may write tomorrow? Do they cover territories
I write in?
Can we adopt ISO content changes in advance of their
respective effective dates?
Can we enable company deviations –
rates, LCMs, algorithms – without
significantly depending on IT?
Can we understand
implications of an
ISO release and our
company deviations
before pushing to
production?
Can we enable online quoting &
rating of ISO lines for back
office staff and retail agents?
Breadth & depth of ISO
content enabled in
rating engine
Timely access to ISO
updates
Support for all types of
company deviations
Ability to easily asses
change from past ISO
version, impact on
company deviation
Extend online quoting
and rating to back-office
staff and retail agents
24. 24
Business Needs associated with rating for ISO
Breadth & depth of ISO
content enabled in
rating engine
Timely access to ISO
updates
Support for all types of
company deviations
Ability to easily asses
change from past ISO
version, impact on
company deviation
Extend online quoting
and rating to back-office
staff and retail agents
BOP Commercial
Auto
Commercial
Property
General
Liability
Workers’
Comp
Inland
Marine
Crime All territories
ERC Release notifications Absorb Adoption by effective date ISO ERC “as-is”
Rates, LCMs Rules/logic Forms logic
Summary of differences across versions Book Impact - Simulation
Online quoting instantly
aware of ISO changes
25. James Carlucci
Vice President, Insurance
James.Carlucci@valuemomentum.com
908-531-5354
26. Polling Question:
How do you currently use ISO content? (please select
all that apply)
1. We use ISO rating factors and rules
2. We use ISO with minor deviations to ISO rating factors
and rules
3. We use ISO with deviations to ISO rating factors, rules,
algorithms and coverages
4. We do not currently use ISO content, but plan to launch a
new line using ISO base rating factors and rules
27. Results:
How do you currently use ISO content? (please select
all that apply)
18% We use ISO rating factors and rules
24%. We use ISO with minor deviations to ISO rating
factors and rules
65%. We use ISO with deviations to ISO rating factors, rules,
algorithms and coverages
6% We do not currently use ISO content, but plan to launch a
new line using ISO base rating factors and rules
29. 29
About James River Insurance Company
As-Was to a Modern Solution
Current State
Learnings
Benefits Realized
Agenda
30. 30
About James River Insurance
James River Insurance Company operates as an Excess & Surplus carrier in all 50 states
plus Washington, DC. In Ohio, policies are underwritten by James River Casualty Company,
a wholly-owned subsidiary of James River Insurance Company.
The home office for James River Insurance Company (JRIC) is located in Richmond, VA. We
have satellite underwriting offices in Atlanta, GA and Scottsdale, AZ. The holding company
for JRIC, James River Group, Inc. is located in Raleigh, North Carolina. The ultimate parent
of James River Group is Franklin Holdings (Bermuda), Ltd. located in Hamilton, Bermuda.
Specialty insurer
Operating on an approved non-admitted
basis in all 50 states and D.C.
Offers creative solutions for commercial
customers
Falls Lake / Stonewood Ins. Operating on
admitted basis
Distribution through partners focused in desired
industry segments
Preference for writing specialty insurance policies
on a primary basis
31. 31
As-Was to a Current Solution
AS-WAS
ISO updates driven by
vendor schedule,
Lack of visibility, control on
staying up-to-date with ISO
content
No company specific
deviations to rates and
rules
Limited insight in the usage
of the tool.
Current Solution
Speed to market to launch
ISO-based lines
Complete independence to
update, manage ISO
content; configure company
deviations
User friendly online quoting
and rating application
Ability to rate A-rated class
codes.
Dashboard to view previous
quotes by user
Evaluation Process
Technology leadership
evaluated potential
solutions to solve identified
problem areas
Market scan, developed
selection criteria
Deployed methodic project
management approach to
onboard solution, manage
expectations and timelines
internally and with the
selected solution partner
32. 32
Current State
Current State
James River Operations monitor ISO Net, download most recent ISO
ERC Release and upload release to iFoundry Rating Engine
iFoundry Rating Engine consumes ISO ERC Release and provides a
workflow, and visual representation of the changes from one release
to another
James River BAs work with Business Users to configure deviations to
rates and rules, if so desired
James River IT team supports the testing and deployment
James River Underwriters have access to online quoting and rating of
updated ISO rates with DealFoundry Express
Users can reference all their quotes generated in a dashboard
33. 33
Learnings
Plan for sufficient training for broad enterprise adoption
Plan ahead for training and ensure that the vendor partner factor for
hands-on training for each stakeholder – User, BA…
Plan for adequate, responsive support to business and IT
queries
Account for the newness of providing business with control over taking on ISO
ERC releases – expect queries from business & IT stakeholders
34. 34
Benefits Realized
Complete independence to update and manage ISO content and
deviations, reduce premium leakage and differentiate in the
market
Eliminates reliance on a vendor schedule to consume ISO updates
Greater ability to deviate not only LCMs but also rate tables, algorithms with
ability to add/modify coverages
Improved quoting efficiency with quoting and rating
Provided business with option to Model new ISO line with quoting
and rating
Ability to manage multiple companies and multiple locations
36. Questions?
Submit questions to the presenters via the on-screen text box
Peggy Bresnick Kendler
Contributing Editor
Insurance and
Technology
Mark Sheehan
Assistant Vice
President
ISO
James Carlucci
VP Insurance
ValueMomentum
Adarsh Singh
AVP of IT
James River
Insurance Co.
37. Thank you for attending
Please visit our sponsor and any of the resources below:
• www.insurancetech.com/events
• http://www.valuemomentum.com/