Verisk’s Rating-as-a-Service (RaaS) Simplifies Commercial Insurance Rating Process and Accelerates Time to Market

In response to the industry need for more efficient commercial insurance rating processes, Verisk has introduced Rating-as-a-Service (RaaS), a revolutionary new way to access ISO Electronic Rating Content™ (ERC™). RaaS offers a fresh approach to rating by enabling insurers to rate policies in real-time without a significant investment in information technology. With RaaS, insurers can access the information needed to rate a policy, including statistical codes and form attachment logic.

Commercial insurance rating has long been a complex and challenging process. Staying up-to-date with frequently changing loss costs, rating factors, rules, and coverage updates can be difficult and time-consuming. Additionally, the emerging risks and evolving nature of hazards, such as car-sharing in the gig economy, make access to current information more critical than ever.What sets RaaS apart from other ERC delivery models?

1. RaaS offers the fastest way to consume and interact with ERC.
2. As a powerful rating engine, RaaS allows customers to access a robust rating solution directly from Verisk.
3. RaaS speeds up the time to market with a shorter implementation process, potentially lowering the total cost of ownership.
4. Insurers can easily access ISO rating content via RaaS for various use cases, such as actuarial analysis and rate comparison.
5. RaaS bypasses the need for complex IT infrastructure with simplified API delivery.
6. Rating content changes are automatically updated, ensuring that insurers always have the latest information.

RaaS operates as a cloud-based rating solution, allowing insurers to make a rating call and receive rating results via a smart application programming interface (API) without having to install or maintain Verisk rating content or their own rating engine. This streamlined process enables insurers to focus on growing their business instead of spending time analyzing and implementing the ISO Commercial Lines Manual and Circulars.

Verisk’s Rating-as-a-Service is a game-changer for the commercial insurance industry, making the rating process more efficient and accessible. By eliminating the need for complex IT infrastructure and offering real-time rating capabilities, RaaS empowers insurers to develop innovative and competitive insurance products that meet the ever-changing needs of their customers.