Insurers Face Major Challenges Updating Coverage Forms, According to New Novarica Report
JERSEY CITY, N.J., August 22, 2017 - Property/casualty insurers often face major challenges updating coverage forms because they rely on manual processes and inadequate technology, according to a new report by Novarica sponsored by ISO. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The report, based on conversations with chief information officers for large and midsize insurers, found that insurers are often forced to use generic document management software and shared drives to manage forms, which has made it harder to integrate the data and collaborate on innovative products. The report also found that insurers want to increase their speed to market with better tools for searching and updating forms during the product development process.
"Speed to market is a particular concern for midsize carriers for whom competitiveness depends on quickly responding to changes in customer interest or the regulatory environment," said Tom Benton, vice president of research and consulting at Novarica. "Insurers that have implemented technological solutions that automate and integrate form updates have already seen significant improvements in their product development."
Last year, ISO launched Mozart Form ComposerTM, an innovative forms management tool and product development platform that has been adopted by a number of insurers.
"With the world of risk changing at a rapid pace, insurers need to be able to develop tailored and customized solutions-and bring them to market quickly," said Maroun Mourad, president of ISO Commercial Lines. "Mozart has enabled insurers to easily research, create, and edit policy wording and take advantage of profitable growth opportunities with greater speed and efficiency."
To download a copy of the report or learn more about MozartTM, visit www.verisk.com/mozart.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, please visit www.verisk.com/iso.
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