iFoundry Rating Engine is helping the James River Insurance Company an Excess and Surplus Line insurer along with Stonewood Insurance modernize their rating operations and achieve higher efficiency in keeping up to date with ISO Releases.
Valuemomentum, Inc., an insurance focused software and services provider, today announced James River Insurance’s successful deployment of iFoundry Rating Engine with out-of-the-box ISO Electronic Rating Content for commercial lines. James River can now keep up-to-date with ISO leveraging iFoundry and ISO Electronic Rating Content in 50 States. ISO is a Verisk Analytics (Nasdaq:VRSK) business. James River Insurance is also benefiting from online commercial lines rate and quote, by using iFoundry Rating Engine in combination with ValueMomentum’s DealFoundry Express – a solution that supports quoting for ISO lines by insurers’ internal staff as well as by retail agents.
“Through ease of import for ISO Electronic Rating Content, iFoundry Rating Engine has saved our team time and effort in interpreting ISO releases. Our team can now visually identify elements that have changed from one release to another, and can take actions in a much more efficient manner,” said Adarsh Singh, assistant vice president, information technology, James River Insurance Group. “The ease of use and configurability of the solution has also made it easy for our business analysts to implement our company specific deviations on top of the base ISO models,” he added.
iFoundry Rating Engine via its integration with ISO Electronic Rating Content allows insurers to launch new lines faster and automatically keep up to date with ISO releases”, said Jim Carlucci, Vice President, Insurance at ValueMomentum. “iFoundry also provides the flexibility to implement company specific deviations from ISO base rating factors and rules. This brings an unprecedented level of control and self-sufficiency to the carrier.”
ISO has long been a leading source of information for property/casualty insurance risk. “ISO congratulates ValueMomentum on the successful roll out of iFoundry at James River,” said Mark Sheehan, assistant vice president, ISO. “We’re delighted to see more carriers like James River Insurance use ISO Electronic Rating Content to its optimal potential through partners such as ValueMomentum.”
“Adoption of automated ISO updates is on the rise and it is delivering significant benefits to carriers”, states industry analyst Martina Conlon of Novarica. “In our recent research, carriers reported 59 percent savings in system modifications, 35 percent savings in cost, and a seven-month improvement in keeping up to date when using electronic ISO updated for complex circulars.”
ValueMomentum has invested in making ISO Electronic Rating Content available out-of-the-box with iFoundry for General Liability, Commercial Auto, Commercial Property, Business Owners Policy, Commercial Inland Marine and Crime.
About ValueMomentum
ValueMomentum provides Software & Services to Insurance, Financial Services and Health Payer firms. Our Customers like working with us because we deliver value to their initiatives, thereby, driving their momentum. ValueMomentum does this by applying a time-tested formula of combining strong technology expertise with deep industry experience.
ValueMomentum’s Software for Insurance Carriers includes iFoundry™ Rating Engine, iFoundry™ Product Configurator, DealFoundry™ Underwriting and Portal and BizDynamics™ for Microsoft Dynamics CRM.
About James River Insurance Company
James River Insurance Company operates as an Excess & Surplus carrier in all 50 states plus Washington, DC since 2003. The home office for James River Insurance Company (JRIC) is located in Richmond, VA. We have smaller, satellite underwriting offices in Atlanta, GA and Scottsdale, AZ. The holding company for JRIC, James River Group, Inc. is located in Raleigh, North Carolina. The ultimate parent of James River Group is Franklin Holdings (Bermuda), Ltd. located in Hamilton, Bermuda a private investor group led by D.E Shaw Group including Goldman Sachs and several others. A.M. Best Co. assigned an initial rating of A- (Excellent) Financial Size VI to James River Insurance Company in July 2003 and has affirmed it A- (Excellent) rating each year since. James River Insurance Company distributes its products through a relatively limited number of primarily wholesale brokers nationwide. The company writes brokerage, individual risk business through its various underwriting divisions – each organized around a specific industry group or coverage.
About ISO
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.iso.com and www.verisk.com.
Media Contact:
North America:
Abhijeet Jhaveri,
ValueMomentum, Inc.
Tel.: +1 (908) 755-0370
Email: ajhaveri@valuemomentum.com
For more information visit https://valuemomentum.lndo.site.