This collaboration will allow Earnix to integrate Verisk’s ISO Electronic Rating Content™ (ERC™) into its pricing and rating platform. This will allow insurers to increase accuracy and reduce delivery time whilst also facilitating easier regulatory compliance and optimising business outcomes.
Through using ISO ERC™, commercial line insurers can utilise Earnix’s comprehensive solution for advanced analytics, rating, and pricing, while also capitalising on the strategic benefits of Verisk’s integration within a unified platform. This efficiency has the potential to accelerate the process of introducing new rates to the market.
Further, by integrating Verisk ISO ERC™ into the Earnix Price-It-PLatform, insurers will have access to updates loss cost and rating tables; this will allow for better informed pricing and rating decisions.
Ruth Fisk, Head of Business Development at Earnix commented, “After a tumultuous 2023, insurers recognized the critical need to be quick to respond to market changes.
She added, “By integrating Verisk’s ISO ERC™, we are providing commercial insurers the ability to stay a step ahead in serving their customers with not only speed to market, but also flexibility and ultimately better business outcomes.”
Ron Beiderman, SVP at Verisk, also commented, “The use of Verisk’s ISO ERC™ will position insurers on Earnix’s platform to be much more competitive by giving them the ability to improve speed to market over existing manual methods.”
