{"id":746659,"date":"2023-04-11T09:18:10","date_gmt":"2023-04-11T13:18:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/verisk-reimagines-insurance-product-innovation-with-new-rating-engine\/"},"modified":"2023-04-11T09:18:10","modified_gmt":"2023-04-11T13:18:10","slug":"verisk-reimagines-insurance-product-innovation-with-new-rating-engine","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/verisk-reimagines-insurance-product-innovation-with-new-rating-engine\/","title":{"rendered":"Verisk Reimagines Insurance Product Innovation with New Rating Engine"},"content":{"rendered":"

\nWith Verisk\u2019s Rating-as-a-Service (RaaS), Insurers Can Seamlessly Implement the Latest ISO Loss Costs, Rules and Coverage Updates into New Commercial Lines Offerings
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JERSEY CITY, N.J., April 11, 2023 (GLOBE NEWSWIRE) — Insurers can transform the complex process of developing new commercial lines products with the power and convenience of a new rating engine from Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider. <\/p>\n

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\u2019s loss costs and rating algorithms to generate a quotable premium. Insurers can then apply deviations to make premium adjustments and customize unique insurance offerings.<\/p>\n

\u201cRating commercial insurance is complex and staying current with frequently changing loss costs and rating factors can be expensive and time-consuming,\u201d said Ron Beiderman, senior vice president of core lines products at Verisk. \u201cOur RaaS solution delivers the most current rating information from Verisk into insurer workflows reducing cost, increasing efficiency and boosting speed to market.\u201d<\/p>\n

RaaS can help insurers more easily customize their pricing. Insurers can also expand the solution\u2019s reach by integrating it with other Verisk solutions that support product development, underwriting automation and portfolio assessment. \u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

RaaS is available for businessowners (BOP), crime, general liability and workers\u2019 compensation, as well commercial auto, inland marine, property and umbrella. <\/p>\n

Learn more about Verisk\u2019s RaaS and Electronic Rating Content\u2122 (ERC<\/u><\/a>\u2122)<\/u>.<\/p>\n

\n About Verisk\u00a0<\/b>
\n
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by\u00a0Great Place to Work<\/u><\/a>\u00a0and fosters an\u00a0inclusive culture<\/u><\/a>\u00a0where all team members feel they belong. For more, visit\u00a0Verisk.com<\/u><\/a>\u00a0and the\u00a0Verisk Newsroom<\/u><\/a>.\u00a0<\/p>\n


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David Novich\r\n201-469-2437\r\nDavid.Novich@verisk.com\r\n<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
With Verisk\u2019s Rating-as-a-Service (RaaS), Insurers Can Seamlessly Implement the Latest ISO Loss Costs, Rules and Coverage Updates into New Commercial Lines Offerings JERSEY CITY, N.J., April 11, 2023 (GLOBE NEWSWIRE) — Insurers can transform the complex process of developing new commercial lines products with the power and convenience of a new rating engine from Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider. 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\u2019s loss costs and rating algorithms to generate a quotable premium. Insurers can then … <\/p>\n
Continue reading “Verisk Reimagines Insurance Product Innovation with New Rating Engine”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-746659","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVerisk Reimagines Insurance Product Innovation with New Rating Engine - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verisk-reimagines-insurance-product-innovation-with-new-rating-engine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Verisk Reimagines Insurance Product Innovation with New Rating Engine - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"With Verisk\u2019s Rating-as-a-Service (RaaS), Insurers Can Seamlessly Implement the Latest ISO Loss Costs, Rules and Coverage Updates into New Commercial Lines Offerings JERSEY CITY, N.J., April 11, 2023 (GLOBE NEWSWIRE) — Insurers can transform the complex process of developing new commercial lines products with the power and convenience of a new rating engine from Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider. 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\u2019s loss costs and rating algorithms to generate a quotable premium. 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