Behind the Scenes: Simplifying Verisk’s ISO ERC Integration with ChainThat’s Platform
In response to the industry need for more efficient commercial insurance rating processes, Verisk introduced Rating-as-a-Service (RaaS), a revolutionary new way to access ISO Electronic Rating Content™ (ERC™). With RaaS, insurers can access the information needed to rate policies, including statistical codes and form attachment logic.
BPA incorporates ISO ERC into its toolkit
BPA’s connector framework offers a novel approach to underwriting by enabling insurers to capture proposals, rate policies in real time without a significant investment in information technology. The framework creates a layer of facade on top of ERC, allowing insurers secure and seamless integration into the rating content. The connector is a lightweight configuration component within BPA that supports external API calls, various integration patterns, and transformation of requests from ISO to the core system model.
If insurers need to shift from ISO rating service to another rating service (or vice versa) in the future, BPA can facilitate this transition with minimal effort, offering the flexibility to support business agility.
How can carriers benefit from ISO ERC?
With the right platform capability and expertise, ISO ERC™ is extremely cost-effective and easy to use. Key benefits of using ISO ERC include:
What should carriers look for to implement ISO ERC?
The key to success with ISO ERC™ is selecting an insurance platform partner that has:
a. Right architecture of the platform to integrate easily
b. A deep understanding of ISO ERC™
c. Proven experience in working with complex enterprise system landscape
How does it work within BPA?
BPA’s architecture, with its connector framework, makes deep connectivity with heterogeneous systems easier. Below is a rough component breakdown of how ISO RaaS connectivity and integration are established for supporting commercial lines of business in BPA.
ChainThat is a ISO ERC RaaS vendor
ChainThat is one of the ISO ERC RaaS vendors of Verisk. See vendor alliance page.
Read the full press release: ChainThat’s BPA Platform Integrates with Verisk’s ISO RaaS Solution | Verisk
By using ChainThat’s BPA for the full quote and policy lifecycle for insurance product offerings across the enterprise, carriers can effectively take advantage of the ISO ERC™ benefits without having to make wholesale changes to their operations and infrastructure.
For more information of BPA, visit Beyond Policy Administration (BPA) — ChainThat