Oracle announces the availability of Oracle Insurance Insbridge Rating and Underwriting 4.6, an enterprise-wide rating engine for product management, premium calculation, and underwriting rules management. The release is designed to make it easier for insurers to use ISO standards and incorporate them into their rating environments to accelerate time-to-market.

The latest release extends the product's capabilities to support ISO Electronic Rating Content (ERC), which includes complete and current rating data and rules for all major ISO lines in theUnited States.

"ISO rates can provide a jump-start on creating new products because insurersdon't need to enter loss costs, deductibles, and other data from scratch," says Karlyn Carnahan, a principal with Novarica. "Yet every insurer wants to keep the 'secret sauce' that makes their products unique. This leads to property and casualty insurers spending significant amounts of time and money to maintain and customize ISO rates; every time a new update is issued, the insurer has to comb through the circulars and find out where the deviations are. The ability to automatically compare and customize ISO content to an insurer's specific business needs can greatly accelerate time to market and result in significant savings."