For decades, many insurance organizations have relied on the rates, forms, and rules distributed by The American Association of Insurance Services (AAIS) for the property and casualty (P&C) industry. Although AAIS provides a flexible and cost-effective standard, many insurance companies still struggle to adopt AAIS into their existing rating platforms. It’s not because AAIS is complex, but incumbent rating systems lack flexibility and are too difficult to manage; thus resulting in insurers manually rating those policies.
A majority of insurers have resorted to developing AAIS rating in spreadsheets. Although it’s a great starting point, it is not a long term digital strategy to maintain competitiveness in today’s market. Rating with spreadsheets might seem like a modern approach, but the reality is that it will create more complexity and inefficiency in your operations. The bottom line is that manually rating anything in spreadsheets will not position you to be competitive.
Too many insurers are stuck in the mentality of “good enough,” or “rating in spreadsheets work, so why change it.” Yeah, you can certainly rate AAIS manually in spreadsheets, but you have to ask yourself “does it scale,” and “is it efficient.” That is why many insurers are leveraging ClarionDoor’s technology to modernize their AAIS rating capabilities.
The ClarionDoor Experience
Built with a cloud-native, API-first architecture, ClarionDoor’s CD Rating enables insurers to implement AAIS rates, rules, and forms with ease through an intuitive user interface and a powerful rating engine. With ClarionDoor, insurers can launch AAIS products rapidly so they can capitalize on market opportunities.
Universal Fire and Casualty Insurance Company (UFCIC) recently selected ClarionDoor to launch new products for General Liability, Commercial Property, Business Owner Package, and Inland Marine – all leveraging AAIS. In less than 90 days, UFCIC was able to launch all four products in four states with ClarionDoor’s rating, quoting, and policy issuance. Read the full press release.
CD Rating empowers your business users to take control of your insurance products and will liberate you from inefficient manual processes.
Interested in modernizing your AAIS rating? Contact us today at firstname.lastname@example.org.
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