Guidewire and Verisk Announce Increased Adoption of ISO Electronic Rating Content for Commercial Lines
September 21 2018 - 8:55AM
Business Wire
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
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™ based on Verisk’s ISO Electronic Rating Content™ (ERC™)
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™ customers have elected to
use Product Content Management based on ISO ERC™ 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™ 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180921005065/en/
Guidewire Software, Inc.Diana Stott, +1-650-356-4941Director,
Communicationsdstott@guidewire.comorMWWPR (for Verisk)Erin Bzymek,
201-507-9500ebzymek@mww.com
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