The AscendantOne unit of Insurance Services Office Inc. (ISO) has been awarded a contract by NOVA Casualty Company to provide web-based property/casualty rating, quoting and rate-management services. AscendantOne’s rate-quote solution for NOVA Casualty features ISO-validated content for commercial package policies in 10 states, commercial automobile in eight states and general liability in six states.
NOVA Casualty will use AscendantOne’s rate-quote and underwriting solution, powered by ISO’s (www.iso.com) advisory prospective loss costs and industry-standard manual rules, for more consistent and cost-effective policy pricing, rules-based risk assessment and consolidated rate maintenance. Buffalo, N.Y.-based NOVA Casualty operates in nine states and specializes in property and liability insurance for business owners.
“We selected AscendantOne because we needed a flexible, turnkey solution to stimulate and manage our ISO-based commercial lines programs,” said John Seitz, chief information officer at NOVA casualty Company. “We wanted an inherently browser-based rate-quote system to provide our network of independent agents and MGAs with accurate and consistent rate-quote information. AscendantOne will also boost our efficiency by providing highly productive, automated rate-management tools. Furthermore, AscendantOne’s web-enabled rate-quote engine will now allow us to maintain and promote NOVA’s rating content effectively on an ongoing basis and in real time throughout our distribution framework.
“NOVA Casualty will ultimately incorporate AscendantOne rate-quote components into our existing AS/400-based IT environment for end-to-end processing, so ease of integration was an important factor in our selection process. AscendantOne’s XML-driven component architecture, ISO-validated information and unique rate-management process deliver rapid implementation, product speed-to-market and informed decision-making advantages for NOVA Casualty. Our business users will now be able to leverage AscendantOne’s robust tools for customized rate-quote and underwriting workflows,” he added.
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