Financial Services and Insurance Edition
Oracle Corp
August 2012 Stay Connected: TwitterFacebookYoutube   TwitterFacebookLinkedInYoutube
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ISO Standards Made Easier for Insurers

Oracle recently released Oracle Insurance Insbridge Rating and Underwriting 4.6, a configurable rating engine that makes it easier for insurers to use Insurance Services Office (ISO) standards and incorporate them into their unique rating environments.

The new release introduces additional capabilities for supporting ISO Electronic Rating Content (ERC), including current rating data and rules for all major ISO lines in the United States. The new ISO ERC Accelerator capability enables insurers to import ISO ERC into Oracle Insurance Insbridge Rating and Underwriting. Data such as input and table variables are automatically created, reducing the amount of manual work required for these efforts.

In addition, insurers can now use the ISO definitions as-is or tailor them to meet their specific business needs, helping insurers to quickly develop new products and bring them to market.

“ISO rates can provide a jumpstart on creating new products because insurers don’t need to enter loss costs, deductibles, and other data from scratch. Yet every insurer wants to keep the ‘secret sauce’ that makes their products unique,” explains Karlyn Carnahan, principal analyst at Novarica. “This leads to property and casualty insurers spending significant amounts of time and money to maintain and customize ISO rates. 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.”

With the new release, insurers can more easily manage their ISO content and accept regular updates even if they have deviated from ISO standards.

Other new features include
  • Enhanced importing and exporting. Insurers can export rating data into a “sandbox” environment to make changes to products and test their impact before importing them into the production environment.
  • Advanced math functionality. Insurers can easily create complex rating algorithms to help make offerings more competitive.
  • Custom XML mapping. This feature provides a central location for defining and storing custom XML templates.
Read more details about Oracle Insurance Insbridge Rating and Underwriting 4.6 and watch a Webcast about the time and dollar costs associated with ISO maintenance.

This content is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.

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