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New Commercial Output Rating Module to be Demonstrated at the AAIS Main Event

AAIS Press Release: March 21, 2013

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Wheaton, Ill., March 18, 2013—Companies that write commercial output policies can see a demonstration of a new module for rating output policies at the upcoming AAIS Main Event conference, April 7-9 in Ponte Vedra Beach, Fla. (For information on the conference, go to www.aaisonline.com.)

This initiative is a collaborative effort of two organizations:
  • The American Association of Insurance Services (AAIS), a national insurance advisory organization that develops policy forms and rating information used by more than 700 property/casualty companies, and
  • FJA-US, Inc., a software development and operational consulting firm with more than 30 years of experience as a provider of enterprise software and services to the insurance industry.

At the AAIS Main Event, FJA will be demonstrating the prototype of an adaptation of FJA’ s Product Machine developed to rate property insurance policies based on AAIS’s Commercial Output Program (COP). More than 130 P/C carriers are affiliated with AAIS for use of the COP, which provides broad commercial property and inland marine coverages in a few coverage parts rated by a flexible deficiency point rating system.

FJA currently has customers in over 31 countries utilizing a software platform that is rooted in a deep understanding of the intricacies of insurance and its operational elements with an extensive background in actuarial science, operations, and product modeling.

FJA’s flagship software is the Product Machine, the most comprehensive platform in the industry for modeling, configuring, deploying, and distributing products. The Product Machine transforms an enterprise into a unified product platform, making it an efficient provider of insurance.

From risks and coverages through marketing and legal language, from underwriting and pricing through policy validation and issuance, the Product Machine stores information as reusable inventory, exposing the information as a service for every downstream system.

“This new generation of COP rating software will support rating and centralized maintenance using a variety of interfaces,” says Truman Esmond, AAIS vice president of customer engagement. “Our customers will be able to rate COP policies through web service requests, data import/export, or direct entry of risk information into a web-based form.”

"We at FJA are very proud to be a part of this collaboration with AAIS and are very excited to showcase the power of the Product Machine," says Marc Dutton, FJA Managing Director.

The demonstration will be part of the inland marine program at the 2013 AAIS Main Event, a conference devoted principally to P/C products and product support. For details on the Main Event, and to register, go to www.aaisonline.com.

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