Springfield, Mo., Sept. 4, 2013--Intuitive Web Solutions (IWS) announced today that its BriteCore® policy administration system now supports the AAIS Homeowners By-Peril Rating Plan.
IWS, based in Springfield, Mo., is a leading provider of web-based, enterprise-level software for property/casualty insurers. IWS was awarded a 2013 RAVE Award from Novarica and Tech Decisions magazine for the BriteCore system, which allows users to define their lines of business and rates, issue and maintain policies, manage claims, generate reports, and customize system features.
The American Association of Insurance Services (AAIS) is a national advisory organization that develops policy forms and rating information used by more than 700 P/C carriers.
The AAIS Homeowner By-Peril Rating Plan was the first bureau plan filed on a multistate basis for rating homeowners insurance policies by individual causes of loss. Among other things, the plan provides loss costs for each of 10 perils down to a ZIP Code level, plus rating relativities by peril for more than 30 risk characteristics or coverage options.
IWS integrated the AAIS plan into BriteCore on behalf of an AAIS member company.
Using BriteCore, underwriters are readily able to see the amount of premium generated for each peril, then “drill down” to see how that premium was derived. Additional features allow users to modify rates by entering values in the line item for a specific peril, and to add personal comments.
“BriteCore’s flexible design, combined with the innovative AAIS by-peril rating plan, provides an intuitive system for developing more precise rates,” says Mark Hudson, IWS manager of sales and support. “It also reduces the time it takes for carriers to provide precise, granular rates for their homeowners accounts.
“Our combined capabilities help underwriters make good decisions and avoid adverse selection.”
For information on using BriteCore for your company, contact Hudson by email or by calling 417-851-1289, ext. 325.
For information on affiliating with AAIS for use of its Homeowners By-Peril Rating Plan, contact Rick Maka, AAIS director of marketing and strategic alliances, by email or by calling 630-457-3222.