Guidewire and Verisk Announce Increased Adoption of ISO Electronic Rating Content for Commercial Lines
September 21 2018 - 8:55AM
More than 30
Guidewire customers have chosen to receive their ISO updates
digitally for a fast, efficient, and cost-effective way to bring
up-to-date commercial products to market
JERSEY CITY, N.J., and FOSTER
CITY, Calif., September 21, 2018 - Verisk (Nasdaq:VRSK), a
leading data analytics provider, and Guidewire Software, Inc.
(NYSE:GWRE), provider of the industry platform that property and
casualty (P&C) insurers rely upon, today announced the
increased adoption of Guidewire Product Content Management(TM)
based on Verisk's ISO Electronic Rating Content(TM) (ERC(TM)) in
the insurance market. Managing ISO rating content with Product
Content Management makes it easier for insurers to stay current
with the latest commercial lines rules and advisory loss costs
because the rating content is received electronically and updated
automatically.
More than 30 Guidewire PolicyCenter(TM) customers
have elected to use Product Content Management based on ISO ERC(TM)
to update their rating content for commercial lines. Guidewire is
currently offering access to ISO programs via ISO ERC for
businessowners, commercial auto, commercial property, crime,
general liability, and workers' compensation.
"Guidewire's investment in Product Content
Management and its continuing collaboration with Verisk offer
opportunities for insurers to efficiently manage and stay current
with ongoing ISO changes," said Karen Furtado, partner, Strategy
Meets Action. "ISO ERC plays a critical role in the industry's
continuing migration to a digital platform by providing the
electronic method needed to help get products and rate changes to
market more quickly and cost-effectively."
"ISO ERC continues helping insurers lower costs,
realize efficiencies, and reduce risk in today's rapidly changing
world of digitization and risk management," said Maroun Mourad,
president of ISO Commercial Lines. "We view our long-standing
strategic business alliance with Guidewire as an important
differentiator, and we're excited to be working with them as they
continue to see strong adoption of our content digitally across
their P&C insurance industry platform."
"Insurers are digitizing their operations to bring
commercial lines products to market faster than ever before," said
Brian Vannoni, principal business owner, Core, Guidewire Software.
"We're honored by the trust that our customers have placed in us to
support this innovation through fast and efficient delivery of ISO
content. The combination of Guidewire and Verisk joining forces to
simplify this process has greatly eased the update challenge for
our mutual customers."
Verisk and its ISO business are members of the
Guidewire PartnerConnect(TM) Solution program, a network of
select companies that provide complementary software, technology,
data, and insurance support solutions to enhance and extend the
capabilities of Guidewire products. Guidewire is also a member of
Verisk Strategic Alliances and licenses a wide variety of ISO data,
information, and related products.
Learn more about ISO ERC at
https://www.verisk.com/insurance/products/electronic-rating-content-suite/
and about Guidewire PolicyCenter at
https://www.guidewire.com/products/policycenter.
About Verisk
Verisk (Nasdaq:VRSK) is a leading
data analytics provider serving customers in insurance, energy and
specialized markets, and financial services. Using advanced
technologies to collect and analyze billions of records, Verisk
draws on unique data assets and deep domain expertise to provide
first-to-market innovations that are integrated into customer
workflows. Verisk offers predictive analytics and decision support
solutions to customers in rating, underwriting, claims, catastrophe
and weather risk, global risk analytics, natural resources
intelligence, economic forecasting, and many other fields. Around
the world, Verisk helps customers protect people, property, and
financial assets.
Headquartered in Jersey City, N.J., Verisk
operates in 30 countries and is a member of Standard & Poor's
S&P 500® Index. In 2017, Forbes magazine
named Verisk to its America's Best Mid-Size Employers list and to
its World's Most Innovative Companies list. Verisk is one of only
seven companies to appear on both lists. For more information,
please visit www.verisk.com.
About Guidewire Software
Guidewire delivers the industry platform that
property and casualty (P&C) insurers rely upon to adapt and
succeed in a time of accelerating change. We provide the software,
services, and partner ecosystem to enable our customers to run,
differentiate, and grow their business. We are privileged to serve
more than 350 companies in 32 countries. For more information,
please visit www.guidewire.com and follow us on twitter:
@Guidewire_PandC.
NOTE: For information about Guidewire's
trademarks, visit https://www.guidewire.com/legal-notices.
Contact:
Diana Stott
Director, Communications
Guidewire Software, Inc.
+1.650.356.4941
dstott@guidewire.com
Erin Bzymek
MWWPR (for Verisk)
201-507-9500
ebzymek@mww.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Verisk Analytics Inc. via Globenewswire
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