AscendantOne®, Inc., a unit of ISO, has entered into a license and implementation agreement with Austin Mutual Insurance Company, a Minneapolis-based property and casualty insurance provider. Austin Mutual will deploy AscendantOne’s browser-based rate-quote-issuance, underwriting, policy-administration and account-management solutions to fully web-enable its agency distribution channel, boost service capabilities and reduce policy processing expenses.
The AscendantOne Solution Suite will help Austin Mutual achieve consistent, rules-based underwriting standards and increase business volume from commercial business in the seven states in which the company operates. The company chose AscendantOne for its ability to rapidly build and implement lines of business utilizing ISO-validated advisory loss costs, rules and forms. Additionally, AscendantOne technology provides a distinctive base/exception and inheritance rate-management methodology that allows Austin Mutual to handle and accept ISO and other advisory bureau rate changes more cost effectively.
Under terms of the agreement, Austin Mutual will implement commercial auto and the businessowners program (BOP) immediately, with commercial umbrella, inland marine and other lines to follow. Rating and quoting — along with all associated policy-administration and account-management workflows — will be driven by the browser-based AscendantOne Solution Suite.
AscendantOne’s XML-based system will also interface with Austin Mutual’s existing legacy systems for personal lines policy issuance, in addition to statistical reporting, accounting, billing and claims for all lines.
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