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.
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