AMS Services, the Bothell, Wash.-based insurance agency automation firm, and Insurance Services Office announced today that AMS Phoenix now has a direct link to ISO products via a network-to-network connection within the Phoenix system.
Jersey City, N.J.-based ISO also announced that R.L. Polk & Co., Southfield, Mich., an automotive information and marketing solutions provider for automakers and related sectors, will now offer the ISO Liability Symbols product for use within its VIN Decoding products on behalf of its insurer, MGA, agent and third-party rating vendor customers throughout the United States.
Regarding the ISO and AMS Phoenix arrangement, the companies said mutual customers of the two firms will be able to directly access ISO’s LOCATION services–including Public Protection Classification, Building Code Effectiveness Grading Schedule, FireLineTM, Crime Service and FloodAssist–and ISO HomeValue.
This connection, the companies said, will improve underwriting results by including risk-specific data and property-valuation capabilities from ISO in the underwriting and rating processes. Financial details of the transaction were not announced.
AMS Phoenix is described as a comprehensive policy management system for insurers that allows them to manage policies, claims and billing.
AMS Phoenix automates processes for rating, quoting, issuance, renewal and midterm changes, and customer service inquiry. ISO’s LOCATION provides risk-specific information representing every address in the United States.
ISO HomeValue is a Web-based property replacement valuation system that provides localized replacement-cost estimates.
By creating a link, the companies said all data generated by ISO HomeValue or LOCATION is pulled directly into AMS Phoenix. This means AMS Phoenix customers do not have to rekey information or leave the AMS Phoenix system–reducing effort and improving turnaround time.
“We are committed to providing AMS Phoenix carriers with the robust functionality required to apply the latest, most sophisticated underwriting techniques with minimal manual steps,” said Vance Huntley, vice president of development for carrier and enterprise solutions at AMS. “Our business agreement with ISO is an important component of that strategy.”
George Davis, vice president at AIR Worldwide Corporation, an ISO subsidiary, said, “Providing the added value of underwriting report integration and replacement-cost estimation will enhance our clients’ ability to service their markets more efficiently.”
AMS Services is a Vertafore Inc. company which counts 150,000 users in more than 15,000 agencies, as well as 600 carrier partners. Vertafore is an insurance industry provider of specialized software services and information.
Concerning its deal with Polk, ISO said that its Liability Symbols product assigns rating factors and rating symbols to vehicles to enable insurers and agents to better rate personal auto liability and personal injury protection/medical payments coverages based on a review of the actual loss experience of the vehicle make and model.
Joe Jurkiewicz, vice president of Polk’s Strategic Markets Group, said the addition of ISO Liability Symbols complements our product mix, which already includes ISO Personal Auto Physical Damage Symbols.
No details of financial arrangements between ISO and Polk were released.