PISCATAWAY, N.J., May 19, 2016 /PRNewswire/ -- ValueMomentum Inc., a provider of software and services to the insurance, healthcare and financial services industries, announced today that its iFoundry Rating Engine has been profiled in a new report published by research and strategic advisory firm Novarica.
Published in April, the Novarica Market Navigator™ Property/Casualty Rating Systems profiles 16 vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades and enhancements, and key functionality.
Commenting on the state of the property/casualty rating market, Martina Conlon, senior vice president with Novarica and co-author of the reported, said, "Rate making is a key driver of insurance profitability. Large carriers are trying to create unique products and rating programs. Small carriers are trying to manage rates more effectively."
Conlon continued, "The good news for carriers is that modern property and casualty rating solutions are maturing, giving carriers better options than ever before."
Highlighted as one of a limited number of solution vendors with a strong presence in both personal and commercial lines (including workers' compensation), key ValueMomentum iFoundry features cited in the report include:
- Graphical workbench for modeling, defining, and testing rating plans
- Integration with ISO Electronic Rating Content, including advisory loss costs, rating logic, screen and screen flow definitions
- Transactional engine with ability to integrate with multiple systems
- Flexibility in managing and enforcing versions, enterprise-class and transactional performance
- Out-of-the-box support for all commercial lines and ISO updates without any manual intervention.
"When evaluating rating systems Novarica suggests insurers focus on four main areas which include staff, organization, functionality and technology – and we believe insurers will find we rank well in all," noted ValueMomentum's Vice President of Insurance, James Carlucci. "We have made significant investments in iFoundry. These investments are enabling insurers to benefit from comprehensive integration with ISO Electronic Rating Content (ERC) and keeping up to date with ISO changes electronically. We are also thrilled to provide our customers choices, such as utilizing iFoundry's rating capabilities exclusively or in conjunction with a web-based quoting application. We also provide our customers the choice of deploying on-premise or in the cloud and flexibility to be self-sufficient or leverage our managed services."
To obtain a copy of the ValueMomentum iFoundry profile in the report click here.
ValueMomentum provides software and services to Insurance, Healthcare & 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/valuemomentums-ifoundry-rating-engine-profiled-in-novaricas-market-navigator-300271268.html
SOURCE ValueMomentum, Inc.