Camilion Solutions, a provider of P&C policy administration systems, announced that its ProductAuthority solution now provides full integration to ISO Electronic Rating Content (ERC) for commercial and personal lines.
This innovation will give P&C insurers a less risky, cost effective solution to full policy administration system replacement, while achieving their strategic objectives to grow into new markets or expand an existing book of business.
ProductAuthority enables insurers to integrate complete, pre-populated ISO product definitions with any P&C policy administration system or product dependent system, including Authority Suite, Camilion’s policy admin system. Insurers with heavily deviated ISO products can gain the flexibility they desire by leveraging the inheritance and re-use capabilities within ProductAuthority along with the combination of configuration, rating, automated workflows, and pre-populated complete ISO product definitions, interpreted by the source, ISO.
Product configuration and rating allows inheritance and re-use of insurance product components such as company rates, rules, forms, and stats from a central product repository. As a result, insurers can manage, develop, and update ISO-based commercial and personal lines products faster than the traditional quick start product template and manual build approaches.
Product testing time is also significantly reduced because insurers only need to test their deviations, rather than the complete product definition. ProductAuthority provides the loss costs and rules received from ERC, which provides greater accuracy, minimizes the risk of non-compliance, and allows faster implementation of rates, enabling insurers to get new or niche products to market sooner without a lot of rework by leveraging ISO products.
“Speed to market for product changes is one of the major drivers of insurer IT strategies, and carriers in need of a cost effective solution in this area are looking at prioritizing replacing just the product management component of their complex legacy core systems rather than moving ahead with a full replacement strategy,” says Matthew Josefowicz, director and head of the insurance practice, Novarica. “Solutions like ProductAuthority, which integrate pre-populated ISO Electronic Rating Content, are likely to be attractive to these insurers.”
“We saw an opportunity within the market to provide commercial and personal lines insurers with a new automated approach to simplify the handling of ISO circulars, implement rate changes faster, stay more current with ISO revisions, and accelerate time to market,” says Ross Orrett, Camilion’s president and CEO. “With the ability to directly import ISO Electronic Rating Content, insurers can now gain the flexibility and self-sufficiency to easily customize or tailor ISO and company specific products on the fly with no vendor dependency. As a system-agnostic product management solution that can feed any policy admin system with pre-populated ISO content, ProductAuthority enables insurers to stay-up-date with ISO revisions, automate manual processes, mitigate risk and reduce costs.”