Hermitage Insurance Chooses ISO-ITS Rating Service |
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Written by U.S. Insurance News
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Sunday, 30 March 2008 |
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The recent decision by Hermitage Insurance to implement the ISO Rating Service within its current policy administration system is all about seizing opportunities-and maintaining costs.
"By using ISO Rating Service, which supports online, real-time distribution of its products and services, we can react faster to new market opportunities," explained Philip Lambert, chief operating officer of Hermitage.
The rating service from ISO Insurance Technology Solutions (ISO-ITS) is an automated rate-management system with advanced technology and product-management tools. The system provides insurers with advisory information loaded into a rating engine combined with rate-management decision tools and continual ISO updates.
Lambert said that using the rating service will expand Hermitage's business. "With ISO Rating Service, we can accelerate the deployment of additional lines and new product offerings," he said.
That's not the only benefit Hermitage will realize. In addition to using the rating service to deploy new products, the carrier can use it to deliver enhancements to existing offerings at a lower cost than if it implemented a whole new policy administration system.
"Hermitage Insurance is implementing a self-sustaining rating system capable of maintaining and delivering customer-specific enhancements to their products," said John Joly, chief operating officer of ISO-ITS. "ISO Rating Service enables Hermitage to implement an advanced rating solution without the significant financial investment of a full policy-administration system." |
