Global data analytics and technology provider, Verisk has unveiled a new rating engine that it says allows for insurers to transform the complex process of developing new commercial lines products.
The firm’s new cloud-based rating engine, known as Rating-as-a-Service (RaaS), offers a streamlined process, and will save insurance companies valuable time and resources.
With the engine, insurers will be able to send applicable rating inputs to Verisk via API, which are then applied to the firm’s loss costs and rating algorithms to generate a quotable premium. After this, insurers will then be able to apply deviations to make premium adjustments and customize unique insurance offerings.
Verisk also noted that RaaS can help insurers more easily customize their pricing. At the same time, insurers can also expand the solution’s reach by integrating it with other Verisk solutions that support product development, underwriting automation and portfolio assessment.
The service is available to businessowners, crime, general liability and workers’ compensation, as well as commercial auto, inland marine, property and umbrella.
“Rating commercial insurance is complex and staying current with frequently changing loss costs and rating factors can be expensive and time-consuming,” said Ron Beiderman, senior vice president of core lines products at Verisk.
“Our RaaS solution delivers the most current rating information from Verisk into insurer workflows reducing cost, increasing efficiency and boosting speed to market.”
