Commercial lines insurers are currently navigating a complex landscape of regulatory updates that are constantly evolving. A key challenge comes from the Insurance Services Office (ISO), which issues circulars at a rapid pace, often requiring variations by state. This dynamic results in continual modifications to rating models, putting pressure on insurers to keep up.
Time-Consuming Processes in Rate Filing
Traditionally, the process for updating rating models has been labor-intensive. Insurers have spent months on manual tasks such as rebuilding models, rekeying data, and revalidating outputs. This heavy workload not only slows down the time-to-market for new products but also depletes valuable resources and expertise.
Earnix and Verisk's New Integration
In response to these challenges, Earnix has announced an integration of Verisk’s ISO Electronic Rating Content™ (ISO ERCTM) into their Price-It™ platform. This integration aims to streamline the rating process significantly. By automating updates and improving efficiency, insurers can expect to reduce the time spent on necessary filings.
Impact on Insurers
This development could be quite beneficial for commercial insurers who often struggle with the burdens of regulatory compliance. With faster updates and a more efficient rate filing process, companies may find themselves with better tools to adapt to regulatory changes without the accompanying headaches. This shift may not only save time but could also improve accuracy and reduce costs associated with filing rates.
As this integration rolls out, it will be interesting to see how various insurers leverage these capabilities to enhance their operational efficiency.
Insurance Nerds Editorial Team
