PISCATAWAY, N.J., Sept. 20, 2016 /PRNewswire/ -- ValueMomentum Inc., a provider of software and services to the insurance industry, today announced that in the first half of 2016 it has signed four new North American customers for its iFoundry™ Rating Engine. The new customer companies are leveraging iFoundry for a combination of ISO rating content and proprietary rate plans. These customer wins are evidence of the continued growing market share for ValueMomentum's iFoundry software. ISO is a Verisk Analytics (Nasdaq: VRSK) business.
With the integration of the iFoundry Rating Engine with ISO Electronic Rating Content (ERC), ValueMomentum recognized the strong appeal of its rating solution to a range of insurance businesses supporting specialty lines, excess and surplus lines, and program business, as well as the commercial lines supported by ERC. A number of iFoundry customers with these lines of business tend to be more entrepreneurial in nature and often share common support challenges, including numerous legacy environments dictating a requirement for centralized and modern rating solutions, a need for enhanced digital capabilities, and the need to act quickly to take advantage of windows of market opportunity with ISO rating content.
The new iFoundry customers in 2016 represent a range of insurance excess and surplus lines and specialty carriers and MGAs focused on providing insurance in select program niches.
"Specialty carriers, excess and surplus lines carriers, MGAs, and program administrators are all actively seeking to modernize and integrate rating with their existing core systems and to extend the ability to digitally access rate-quote-bind capabilities for agents and brokers," said Abhijeet Jhaveri, ValueMomentum's chief marketing officer. "ValueMomentum's iFoundry Rating Engine and companion digital quoting solution are designed to address just these types of challenges, enabling our customers to meet the increasing expectations of their policyholders, agents, and brokers."
iFoundry™ Rating Engine is a modern rating engine that helps companies with ease of modeling and managing proprietary rate plans and ISO rating content.
ValueMomentum provides software and services to Insurance, Healthcare, and Financial Services firms. Customers choose ValueMomentum due to the company's track record of delivering value and driving the momentum of customers' business initiatives. ValueMomentum accomplishes this by applying a time-tested formula of combining strong technology expertise with deep industry experience. For more information, visit www.valuemomentum.com.
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