Global data analytics provider Verisk has launched a Rating-as-a-Service (RaaS) solution to help insurers develop new commercial lines products.
Verisk provides data-driven analytic insights and solutions for the insurance and energy industries.
Instead of investing extensive time and resources into gathering, evaluating and installing rating updates, the new, cloud-based rating engine, known as Rating-as-a-Service (RaaS), offers a streamlined process.
Insurers send applicable rating inputs to Verisk via API, which are then applied to Verisk’s loss costs and rating algorithms to generate a quotable premium. Insurers can then apply deviations to make premium adjustments and customize unique insurance offerings.
According to Verisk, RaaS can help insurers more easily customise their pricing. Insurers can also expand the solution’s reach by integrating it with other Verisk solutions that support product development, underwriting automation and portfolio assessment.
RaaS is available for business owners (BOP), crime, general liability and workers’ compensation, as well commercial auto, inland marine, property and umbrella.
Ron Beiderman, senior vice president of core lines products at Verisk, said, “Rating commercial insurance is complex and staying current with frequently changing loss costs and rating factors can be expensive and time-consuming. Our RaaS solution delivers the most current rating information from Verisk into insurer workflows reducing cost, increasing efficiency and boosting speed to market.”
Earlier this year, HOVER, a complete measurement solution for interior and exterior property claims, partnered with Verisk to provide an end-to-end automated virtual claims solution. HOVER is developing a comprehensive and usable data set of physical property to deliver a simpler more transparent home improvement experience.
The partnership, according to Verisk, will allow insurance professionals to leverage advanced technology and automation to help reduce the number of manual inputs and processes, resulting in an improved estimating accuracy and reduced cycle times for the first notice of loss.
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