ISO Granted Patent for Rating and Policy Processing Method

March 11, 2008

ISO Insurance Technology Solutions (ISO-ITS), a business unit of Insurance Services Office, Inc., (ISO) today reported that it has been granted a patent for its approach to implementing and maintaining rating and policy processing product definitions.

The Method and System for Software Product Generation and Maintenance patent (United States Patent number 7,322,030) is an innovative way to generate and maintain software products, such
as DesignerAccess, which is the cornerstone of ISO Rating Service and the AscendantOne Policy Management Suite. The tools and techniques disclosed in the patent may be used to manage the rates, rules and forms that combine to form fully functional ratebooks; and the technology claimed has been recognized as unique by the Patent Office.

“Traditionally, vendors have copied work for other carriers and created a huge maintenance problem when changes are received from the bureau,” said Jonathan Kaplan, vice president of product development at ISO-ITS. “We have chosen to invert the model and leverage the work done to the line-of-business bases and states, creating a level where carrier deviations are introduced. When changes are made by the bureau at the state level or countrywide, carriers can
choose to adopt or deviate from the changes while maintaining their prior deviations.”

“This allows carriers to implement the system faster, but more important, stay current in a more efficient manner,” added Kaplan. “Also, by externalizing the information from application code, it
empowers the carriers’ business users while protecting them from future technology change.”

He said theshese tools and techniques can be applied to any property/casualty line of business, including commercial, personal, and specialty lines. It also works for ISO, National Council on Compensation workers’ compensation, and carrier- specific filings.

“Our customers have been able to leverage the power of the toolset to implement and maintain their product definitions in a more efficient manner,” said John Joly, chief operating officer of ISO-
ITS. “We have moved the technology to the Microsoft .NET framework to ensure that the system will scale and perform to meet the needs of the nation’s largest carriers.”

Source: ISO Insurance Technology Solutions

Topics Carriers Tech

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