What is an ISO LOB Template?
ISO LOB Templates are customized Plans of insurance, database configurations and rating algorithms preconfigured within AMSPhoenix. The ISO LOB Template features include:
§ ISO data elements (class codes, deductibles, limits, etc), rating logic (loss costs, rating factors, etc) and underwriting rules
§ Territory Codes
§ Public Protection Classification Codes
§ Rate Tables
§ ISO forms and endorsements
§ Data elements required for Stat Reporting
Our ISO partnership agreement also allows us to build interfaces to ISO data services. Some of the interfaces we have recently developed include:
§ AIR Address Service, providing address verification and longitude/latitude
§ ISO Pushpin Service, providing available property characteristic pre-fill information
§ ISO HomeValue Replacement Cost Service, providing summary or detailed residential replacement cost estimates
§ AIR Hazard Service, which provides earthquake, hurricane, severe thunderstorm, and flood profile information about a particular location
§ ISO LOCATION data services, which include:
- Public Protection Classification (PPC) Service
- Future Effective PPC File
- Building Code Effectiveness Grading Schedule (BCEGS) Information
- Natural Catastrophe Service
- Wind Services
- Wildfire Services, including FireLine
- FloodAssist®
- Crime Service
- Auto Services, including HomeWork (commuting distance)
- Territory Services
- Premium Tax Service
Note that insurance companies will still need to subscribe to the appropriate service from ISO in order to use the interface.
What are the benefits of ISO LOB Templates?
By utilizing the ISO LOB Templates, insurance companies can accelerate their time to market. They can expand into new Lines of Business and/or states rapidly with efficiency and accuracy. In addition, the interfaces to ISO data services allows for companies to significantly reduce the time required in an AMSPhoenix deployment.
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