View this article online: https://www.claimsjournal.com/news/national/2003/03/13/27039.htm
Insurance Services Office, Inc. (ISO) has acquired the assets of AscendantOne® Inc., a developer of insurance policy-management and insurance-rating software applications and services. ISO will continue to operate the AscendantOne business from its Nashua, N.H., location and with the involvement of the same team of developers, rating analysts and customer support professionals that have built the company.
AscendantOne will continue to provide software applications which seamlessly integrate ISO’s core insurance information — loss costs, manual rules and policy form information — into its XML-based policy processing and rating applications. AscendantOne’s rating methodology and calculations conform to published ISO manual rules validated by ISO’s insurance experts for each ISO line of insurance.
The new ISO unit will also provide products insurance companies can use with their own independent insurance programs and non-ISO lines of business.
“We acquired AscendantOne in response to our marketplace,” Frank Coyne, ISO’s chairman, president and CEO, said. “Our customers have been urging us to offer them our own policy administration and rating solutions for some time. AscendantOne’s products and services provide a natural extension of ISO’s core services by enabling us to deliver our analytical information using powerful applications and leading technology.”
Coyne noted AscendantOne will deliver enormous value to insurers in a variety of ways by helping them achieve:
·increased profitability;
·significant cost savings by eliminating manual input of ISO information into their rating and policy–administration systems;
·compressed analysis and implementation time for ISO program revisions;
·shorter development cycles and speed to market for new and existing products; and expedited regulatory filings and rate-change implementations.