ValueMomentum’s iFoundry Rating Engine recognized in “Technology Overview for P&C Insurance Rating Engines, North America,” a report published by Gartner that provides a detailed analysis about the rating engine solutions space.
Piscataway, NJ
Valuemomentum, Inc., an insurance-focused software and services provider, announced today that its iFoundryTM Rating Engine product was recently featured in a Gartner report that evaluated stand-alone rating engines for the North American property and casualty insurance market. The iFoundry Rating Engine is a modern rating engine that helps insurance companies with ease of modeling and managing proprietary rate plans and ISO rating content. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The Gartner report, “Technology Overview for P&C Insurance Rating Engines, North America,” provides recommendations and an analysis of the category and profiles providers of stand-alone rating engines in the North American P&C insurance market.
The report notes that demand for stand-alone rating engines remains steady among a subset of insurers that require comprehensive functionality; need rating capabilities that can be deployed more rapidly via hosting; or require vendor support for bureau content from ISO, the National Council on Compensation Insurance (NCCI), or independent state bureaus. The report also notes that a growing number of insurance CIOs are electing to deploy rating engines in vendor-hosted environments.
The Gartner report enumerates ValueMomentum’s acquisition of three new North American stand-alone rating engine customers for their iFoundry Rating Engine in 2014.
“We are proud to be profiled by Gartner in its coverage of North American property and casualty stand-alone rating engines,” said James Carlucci, Vice President, Insurance, at ValueMomentum. “Our customer base values iFoundry’s comprehensive functionality, its ability to rapidly launch and manage rate plans, and the flexibility of deploying on-premise or in the cloud, as well as the flexibility to be self-sufficient or leverage our managed services. We are especially excited about our successful integration with ISO Electronic Rating Content (ERC), which enables customers to keep up to date and launch ISO changes rapidly.”
About ISO
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.iso.com and www.verisk.com.
About ValueMomentum
ValueMomentum provides Software & Services to Insurance, Financial Services and Health Payer firms. Our Customers like working with us because we deliver value to their initiatives, thereby, driving their momentum. ValueMomentum does this by applying a time-tested formula of combining strong technology expertise with deep industry experience. For more information, visit https://www.valuemomentum.com
Media Contact:
North America:
Abhijeet Jhaveri,
ValueMomentum, Inc.
Tel.: +1 (908) 755-0370
Email: ajhaveri@valuemomentum.com