ValueMomentum’s iFoundry Rating Engine Profiled in Celent’s North American Rating Engines Report

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- HYPERLINK "http://www.valuemomentum.com/" nValueMomentum Inc., a provider of software and services to the insurance, healthcare and financial services industries, announced that its HYPERLINK "https://www.valuemomentum.com/product/property-casualty-insurance-rating-engine/" niFoundry Rating Engine has been HYPERLINK "http://resources.valuemomentum.com/celent-north-american-rating-engines-property-casualty-valuemomentums-ifoundry-rating-engine-vendor-view" nprofiled in a new report published by research and strategic advisory firm Celent.

Published in August 2016, the Celent North American Rating Engines Report profiles twelve vendor solutions in both full and limited profiles. ValueMomentum qualified as one of five vendors with a full profile.

"Many carriers are moving toward product differentiation as a key strategy and are looking to dramatically increase the speed and ease of creating products and managing product changes, says Karlyn Carnahan, a research director with Celent's Insurance practice and author of the report. "As carriers continue to rapidly deploy highly innovative products, configurable rating solutions are becoming more desirable. Carriers are looking for flexible solutions that allow actuaries and product managers to be involved in the crafting of products."

Highlighted as one of a limited number of solution vendors with a strong presence in the market, Celent sees this as a strong solution that should meet the needs of most customers looking for a stand-alone rating engine. The biggest strengths are the workflow built in for the users, the robust modeling tools, and the highly functional ISO ERC. When customers were asked what they liked best about the system, carriers focused on both the system itself but also on the relationship with ValueMomentum. "Easy to use, good navigation." "The rating engine is flexible, integrates well, and is lightweight in terms of performance." "System is very easy to maneuver through." "The vendor is truly a partner with its customers."

"A modern rating engine like iFoundry makes it easy for insurers to create and manage their rate plans in line with market trends," noted ValueMomentum's Vice President of Insurance, James Carlucci. "Through our partnership with ISO for ISO Electronic Rating Content™ (ERC), we help insurers automate the adoption of ISO advisory loss costs, rates and rules, without having them worry about interpreting ISO manuals or circular, while also enabling them to introduce niche proprietary features."