Benzinga | Apr 15, 2021 08:04AM EDT

Mid-Hudson Co-Operative Insurance Company Selects Verisk's Sequel to Deploy Integrated Underwriting and Claims Solutions Following Migration to ISO Electronic Rating Content

Mid-Hudson Co-Operative Insurance Company (MHC) has selected Verisk's Sequel to provide underwriting and claims solutions to underpin migration to ISO Electronic Rating Content(tm) (ERC) for rating support.

New York-based MHC is a member of the National Association of Mutual Insurance Companies and provides personal, commercial and farm insurance via New York state agency Statewide Underwriting Services.

Verisk's ISO ERC solution helps insurers stay current and implement the necessary updates ISO makes to its advisory loss costs, rules and forms for a range of insurance classes and reduces the time and effort required to analyze regular ISO updates, eliminating tedious work and quickening ratings workflows.

Eddie Harper President and CEO of Statewide Underwriting Services said of the agreement, "We were impressed by both the Sequel technology and expertise and the fact that Sequel is a Verisk solution was an important component in our decision making. Like many agencies and insurers, moving to ISO ERC for rating support is key to providing an efficient service to our customers. However, it was also important to upgrade our underwriting, policy administration and claims platform overall, hence the dialogue with Verisk. Verisk's Sequel suite has a range of leading-edge solutions and the expertise to support MGAs, coverholders and insurers on a global basis."

Rob Stavrou Chief Commercial Officer -- U.S. and APAC over Verisk's Sequel solutions, said of the implementation, "We are delighted to work with Eddie and his team at Statewide Underwriting Services and MHC. In addition to migrating to ISO ERC for rating support many insurers need to upgrade their underwriting, policy administration and claims platforms to compete and meet the expectations of their clients. The two go hand in hand. We aim to provide scalable solutions that capture data and integrate with distribution channels and third-party data critical to supporting efficient underwriting and product development."

Verisk's Sequel solution suite offers full end-to-end management of insurance and reinsurance business, offering clients a clearer vision to grow their business with greater efficiency, flexibility and data governance. Verisk offers Sequel across the global insurance markets from offices in Jersey City, New Jersey; London, England; and Malaga, Spain.