A complete bureau rating content solution
Insurers can leverage bureau content to convey significant operational and competitive advantages, but circular updates are time-consuming, challenging and expensive to implement.
Duck Creek Templates facilitate the speed of implementation, ease of use and the ability to determine and create customized deviations from bureau’s business rules. It eliminates the need for carriers to code or re-implement bureau content, enabling them to utilize the information more quickly and less expensively.
An easily-ingested XML version of bureau rating data, our Templates include the algorithms, rates and statistical codes, and the extended content to provide user interface screens and usable forms.
ISO, NCCI, AAIS and bureau states, all from one source
Templates offers more than just rates, rules, and math to sell insurance, and there are multiple bureaus that provide similar — and similarly valuable — content to support other lines of business. Duck Creek Templates provide electronic rating content from:
- The Insurance Services Office (ISO), a provider of property and casualty information
- The National Council on Compensation Insurance (NCCI), a provider of workers compensation information
- The American Association of Insurance Services (AAIS), which offers rating information for more than 34 lines of personal, commercial, agricultural and inland marine insurance
- Bureau states
Impact analysis, override and “what if” modeling
The advantage to implementing ISO circulars on a timely basis can be so significant that many insurers “auto adopt” them. For many others, however, the reality is that circular adoption takes considerable time above and beyond the technical effort to code the changes suggested by ISO. That’s why Duck Creek Templates supports “what-if” modeling capabilities for insurers determined to deviate strategically from bureau content and override proposed changes.
Bureau content as a service is now a reality
The opportunity to review the impact of ISO circular changes, determine which to implement and which to deviate from — all without generating custom code — would have been considered the gold standard for bureau content management.
Now, however, the opportunity to license access in the cloud – and offload the massive and ongoing burden of circular maintenance from both the business and IT department — is the next logical desire for insurers looking to future-proof their organizations.
Insurers should expect more than updated rates, rules, and math when it comes to bureau content and rating tools. With Duck Creek Templates, you’ll get content that is current, complete, and easy to use, with contemporary user interfaces, access to issuance documents and modeling capability. And all this functionality is provided in a format that does not require creating and compiling computer code. All from Duck Creek Technologies.