INSTANDA, a leading provider of no-code insurance technology for carriers and managing general agents, is pleased to announce its integration with Verisk’s new cloud-based rating engine, Rating-as-a-Service (RaaS), to provide the latest ISO commercial lines rating information starting with commercial auto. INSTANDA’s solution is designed to streamline rating definition and management to improve efficiency and accuracy and modernize rating and underwriting across geographic and regulatory complexities for insurers.
Combining the technical strengths of both organizations, this initiative layers Verisk’s powerful rating engine with INSTANDA’s no-code, malleable digital technology. RaaS provides up-to-date rating in real-time while the INSTANDA platform provides capabilities to add and adapt products, automate underwriting and document generation, and manage a company book of business.
“The fastest way to start writing policies with the latest ISO commercial lines programs is with our RaaS rating engine” said Ron Beiderman, senior vice president of core lines product and services at Verisk. “We’re excited to be working with INSTANDA to deliver a combined solution that can help our mutual customers be agile in making changes to their pricing, underwriting, and policy issue operations.”
“With the digitization of insurance comes the need for insurers to move at a pace unimagined just a decade ago,” said INSTANDA’s CEO Tim Hardcastle. “Insurers face tremendous hurdles to keep up with changing regulations. This alliance with Verisk is an example of working to meet the needs of the market while being practical about the realities of market players.”
INSTANDA’s cloud native insurance platform has helped more than 80 carriers and MGAs around the globe to innovate and launch new products and portals in record time.
About INSTANDA
INSTANDA offers a complete digital platform for innovative insurers, including more than 80 carriers, MGAs and brokers in Europe, North America, UK, Japan, Latin America, Africa, the Middle East and Australia. Named one of the world’s Top 50 InsurTechs for 2023 by CB Insights, INSTANDA is the insurance industry’s first no-code core insurance platform that allows innovative insurers to digitize their entire business as well as break into new markets with quick-to-market new products while simultaneously overcoming the drawbacks of legacy IT systems and driving digital transformation.
About Verisk
Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities, and businesses.