ISO has announced the availability of newly formatted algorithm files to accompany ISO Rating Service and ISO Electronic Rating Content. The rating data and the rules for acting upon the rating data are now in formats that can be uploaded to a policy administration system.
The new algorithm files provide implementation-level details for four main functions:
- premium calculations
- policy forms attachment logic
- statistical code assignment
- business edits
The ISO rating solutions teams—working in conjunction with the line and actuarial resources that publish ISO's manuals, forms, and circulars—developed the algorithm files.
The new format provides a structured algorithmic representation of the processes for the four functions above. The algorithm files are available in MS-Excel and XML file formats.
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