Electronic rating content is a vitally important digital asset for most P&C insurers, and it’s an area of differentiation for Duck Creek. Through our Duck Creek Templates—and in XML, no less—we’ve been offering electronic rating content from the American Association of Insurance Services, Insurance Services Office, National Council on Compensation Insurance, and others for more than a decade. So, I was a little surprised when a prospect asked me about some industry rumblings he had caught wind of indicating that electronic rating content, aka bureau content, was gaining traction in the market, and that ISO ERC was the fastest and most cost-effective electronic method for getting products and rate changes to market.
In fact, Duck Creek has been making the ISO rating content available electronically for more than a decade and has more than 40 implementations currently in production. Over that time, Duck Creek Templates and Duck Creek Rating have grown into highly robust products that offer significantly more functionality and value than the ISO ERC product, which, in many ways, is simply a data specification that requires carriers to write and compile code in order to use ISO's own digital content.
Duck Creek has direct working relationships with world-class ISO actuaries to create XML-based electronic bureau content that is quicker to market, easier, and less technically demanding to implement. We are also proud of our longstanding relationship with Verisk, ISO’s parent, and are a member of the Verisk Vendor Alliance.
In her research report on ISO bureau content, Celent research director Karlyn Carnahan said, “Whether a vendor believes the optimal way to support ISO is through ERC or through an internal team seems to be a matter of philosophy.”
We agree completely. We also know that Duck Creek Templates are the fastest and easiest way to make the best use of electronic rating content from ISO, AAIS, NCCI and others. And we can prove it.
Having trouble finding the right solution? Shoot me a message. I have a direct connection to one of the best rating solutions in the industry.
Andy Yohn, Duck Creek product lead, andrew.k.yohn@duckcreek.com.
