JERSEY CITY, N.J., and Columbus, Ohio, June 24, 2019 - Verisk (Nasdaq:VRSK), a leading data analytics provider, and Grange Insurance, an Ohio-based insurance company, announced today that Grange has selected ISO Electronic Rating ContentTM (ERCTM) to help increase speed to market and grow its commercial lines business. ISO is a Verisk business.
As a leading provider of advanced tools and analytics for the property/casualty insurance industry, ISO regularly develops and updates advisory loss costs, rules, and forms and communicates them to its customers in circulars published regularly. ISO ERCTM is an InsurTech solution that helps insurers save significant time and effort by automating the manual implementation process of these critical updates across ten commercial lines of business.
"Grange continues to push the envelope when it comes to delivering new products to our agents and customers with speed and efficiency," said Gerry Heare, Grange's commercial lines chief underwriting and product officer. "ISO ERC helps us achieve that goal by keeping our rating content up to date and giving us the time to focus on growing our business."
With ISO ERC, insurers can more easily create and deliver new products to help meet the frequently changing needs of the commercial lines market. According to a recent Celent white paper, Does ERC Deliver the Goods?, insurers using ERC can process an ISO change on average with 70 percent less elapsed time than insurers not using ERC. The time saved allows ERC customers to be more responsive in the marketplace.
"The automated updates provided by ISO ERC are helping a growing number of customers accelerate profitable growth and improve their speed to market," said Deborah Morris, senior vice president of ISO Commercial Lines. "The decision by Grange to use ISO ERC shows the significant benefits the solution can provide for a wide range of insurers looking to expand and innovate in commercial lines."
About ISO
ISO, a Verisk (Nasdaq:VRSK) business, is a leading provider of advanced tools and analytics for the property/casualty insurance industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk
managers. For more information, please visit www.verisk.com/iso.
About Grange
Grange Insurance, with $3 billion in assets and more than $1 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. The company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin.
Contact:
Eboni Thomas
Edelman (for Verisk)
212-642-7784
eboni.thomas@edelman.com
Amy Nichols
Corporate Communications Manager
Grange
614-445-2682
nicholsa@grangeinsurance.com