The Most Important Benefits an ISO Rating System Provides
Policy and rate management are complex processes in the insurance industry. For Managing General Agents, Program Administrators, and Insurance Carriers, the business day work load can be simplified through an ISO rating system. The biggest benefits with ISO come from:
Before automation, rate management systems were manual, time-consuming, and expensive. Research conducted with a variety of insurers showed that funds and efforts were largely consumed by:
- System maintenance
- Data input
- Tracking changes
Insurers reported that these functions could take up to an entire day to complete, even with several dedicated analysts. An automated system can attend to these areas with pre-designed algorithms to reduce the time, costs, and labor required.
Whether you prefer to work solely with an ISO rating system, or you have internal components you desire to integrate, ISO provides you with the right amount of flexibility. You will have the opportunity to:
- Determine policy change effective dates
- Decide which ISO changes to apply and when to implement them
- Customize ISO data for specific needs
- Add or create standards and rules for rate management
- Receive support for company-based programs or other lines of business
You’ll Get the Tools You Need
When it comes to efficiency and flexibility, ISO gives you a complete policy and rating system solution. Give your business a competitive advantage with all the tools you need to ensure your success, both now and into the future.