API Implements ClarionDoor's Insured Rating Engine
March 21, 2014
ClarionDoor, a developer of modern enterprise-class, web-based rating and quoting solutions for the insurance industry, recently announced that its rating engine, Insured Rating, has been implemented by American Property Insurance Company (API), a Harbor Specialty Insurance firm. API was looking for a rating solution that can merge critical ISO content and manage general liability and commercial property business. Insured Rating utilized the ISO's electronic content for rating purposes and integrated that to various third-party applications to streamline API's rating process.
James Gorman, chairman, president and CEO of API said, "After reviewing various rating solutions, we selected ClarionDoor based on their overall technology, speed-to-market development process and their ability to deliver a solution tailored to our specific needs. The entire solution was delivered and ready for use by our underwriters well before our anticipated launch date."
Insured Rating has been specifically designed and developed from the ground up to operate, perform and scale in the cloud and function as an innovative rating engine platform. Insured Rating’s end-to-end tools and services include manage rate filings; build rate plans; quote online; automate testing; obtain predictive analytics; integrate rating; and instant releases. Ratings are conducted for factor tables, algorithms, coverages and rules. An intuitive process wizard helps to validate date and manage configuration, versioning and deployments through a web user interface.
Patrick M. McCall, chief sales officer at ClarionDoor said, "We are excited and proud of the addition of API to the ClarionDoor customer base. API exhibited a great amount of due diligence during their rating vendor selection process and we are happy to have earned their business. Also, we share a common goal in that both companies are focused on providing a quality product that is supported by excellent customer service."
Multiple accurate and real-time insurance quotes and rating plans are generated in a single quote request with Insured Rating as an online rater. Automated testing includes creation of test quote scenarios and executing them against a custom rate plan configuration. Predictive analytics simulates changes in rate and rules against book of business. Also, ACORD XML and AWSP web service standards provide integration to front and back end systems. Insured Rating was implemented in less than 60 days.
Edited by Stefania Viscusi