ISO-ITS Receives Patent for Software Generation and Maintenance Technology |
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Written by U.S. Insurance News
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Sunday, 16 March 2008 |
The Insurance Technology Solutions business unit of ISO has turned a business model upside down with technology it developed, and for its efforts it has received a patent.
Not only are its customers benefiting from this new technology, but so is ISO.
ISO-ITS has been granted United States Patent number 7,322,030 for its approach to implementing and maintaining rating and policy processing product definitions.
The Method and System for Software Product Generation and Maintenance technology generates and maintains software products, such as DesignerAccess(tm), which is the cornerstone of the ISO Rating Service(r) and the AscendantOne(r) Policy Management Suite. The tools and techniques disclosed in the patent can manage the rates, rules, and forms that combine to form functional ratebooks.
"Traditionally, vendors have copied work for other carriers and created a huge maintenance problem when changes are received from the bureau," explained Jonathan Kaplan, vice president of product development at ISO-ITS. "We have chosen to invert the model and leverage the work done to the line-of-business bases and states, creating a level where carrier deviations are introduced. When changes are made by the bureau at the state level or countrywide, carriers can choose to adopt or deviate from the changes while maintaining their prior deviations."
Kaplan further explained that the patented technology enables carriers to implement the system faster and stay current with more efficiency.
"By externalizing the information from application code, it empowers the carriers' business users while protecting them from future technology change," he added.
The tools and techniques of the Method and System for Software Product Generation and Maintenance can be applied to any property-casualty line of business, including commercial, personal, and specialty lines. It also works well for ISO, NCCI, and carrier-specific filings.
"Our customers have been able to leverage the power of the toolset to implement and maintain their product definitions in a more efficient manner," said John Joly, chief operating officer of ISO-ITS.
Joly also pointed out that ISO-ITS moved the technology to the Microsoft.NET framework to ensure that the system will scale and perform to meet the needs of the largest carriers.
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