According to a Wall Street Journal article, New York Department of Financial Services Superintendent Benjamin Lawsky has asked 134 insurers in the state to provide information about IUL illustrations....
Philadelphia, PA – May 13, 2014, – Unirisx, LLC (Unirisx), provider of world-class, SaaS-based, core administration solutions for property and casualty (P&C) insurance organizations, is pleased to announce a key upgrade to the company’s rating engine for the Unirisx Insurance Solution Suite™.
This enhancement significantly expands Unirisx’s support for personal and commercial lines by providing even greater flexibility and responsiveness to accommodate rate changes throughout all phases of the policy lifecycle. The Unirisx Insurance Solution Suite rating engine now enables business users to maintain and update, in real-time, all aspects of rating and rating algorithms, thereby decreasing reliance on IT resources, increasing business efficiency, improving agility.
“This latest enhancement to the Unirisx Insurance Solution Suite is another example of how Unirisx is constantly working to provide innovative technology products, an imperative for P&C Insurers that need to rapidly react to global market changes,” said Andrew Philpott, managing director, product development for Unirisx. "This new rating functionality increases the value of our policy administration platform exponentially, as clients now have the option to completely control all aspects of rating, including defining and maintaining rating algorithms, tables and factors all within the Unirisx product factory and rating maintenance.”
Unirisx’s rating enhancement provides insurers the ability to consume ISO Rating algorithms and table data for U.S. products, as well as Excel spreadsheet style upload and download of data. This makes it particularly easy for insurers to convert from manual-based rating to system-driven, automatic rating. Through the Unirisx Insurance Solution suite, insurers can now mix-and-match rating options against the product and market requirements to ensure the lowest possible total cost of ownership (TCO) through lower IT and maintenance costs, and an almost immediate return on investment (ROI).
"Offering our clients a seamlessly integrated rating solution is expected to have huge impact,” said Akhil Tripathi, CEO of Unirisx. “Insurers understand that the ability to seize market opportunities, while reducing risk, is a key imperative. Unirisx is committed to providing solutions with robust, proven and flexible functionality which gives insurers the ability to rapidly react and respond to those situations.”
The Unirisx Insurance Solution Suite is a comprehensive policy administration system which enables insurers, agents and partners to quote and bind personal, commercial, specialty and workers’ compensation business, quickly, efficiently, and with the benefit of enhanced communication between parties. Unirisx is well-known for providing highly-configurable, SaaS-based solutions which deliver results for insurers around the world.
For more information about Unirisx’s new rating functionality, please contact Nikki Dugan, corporate communications manager for Unirisx at 610-915-6440 or [email protected].
About Unirisx, LLC (Unirisx)
Unirisx, LLC (Unirisx) provides transformational, world-class, core administration solutions for property and casualty (P&C) insurance organizations. Unirisx’s highly-configurable, on-demand solutions for personal, commercial, and specialty lines, including ocean/marine, excess and surplus (E&S) and professional liability, enable the rapid creation and launch of new products, broadened distribution, and effective management of the full policy lifecycle in real-time. Via a Software-as-a-Service (SaaS) model, Unirisx reduces upfront costs and accelerates speed-to-market through unique customization capabilities currently powering successful implementations in multiple lines, multiple currencies and multiple languages around the world. For more information about Unirisx, please visit www.unirisx.com.
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