Delphi Technology and American Association of Insurance Services (AAIS) have partnered to provide product management capabilities to all property and casualty (P&C) insurers.
This new venture offers unique options for P&C carriers to leverage their AAIS content using Delphi Accelerator, giving them the ability to quickly and easily accept automatic updates, adopt new revisions, and be first to market with new products.
Delphi Accelerator facilitates both the initial implementation of AAIS-based insurance products and simplifies the ongoing maintenance of those products to provide considerable time and cost savings for insurers.
Delphi Technology SVP and chief business development officer John Flavin said: "With this new alliance, Delphi Technology is positioned to offer carriers a new way to access and manage AAIS content using Delphi Accelerator.
"Delphi's integration with AAIS will enable insurers to significantly reduce their product configuration and maintenance, when implementing AAIS's rating products and services, resulting in new products and product changes being brought to market more quickly."
AAIS SVP Operations Joan Zerkovich said: "AAIS customers and policy administration software vendors now have access to the most efficient way to get AAIS program content in a format that makes it easy to implement, customize and understand program differences as changes occur.
"This relationship, and the capabilities it brings, further delivers on our promise of value, efficiency and exceptional service to help our members in the next generation of insurance delivery."
The P&C industry in the United States is a trillion-dollar market providing primarily auto, home, and commercial insurance and is supported by 30 policy and technology companies.
According to the Insurance Information Institute, insurance carriers (of which there are approximately 2,544 P&C carriers) and related activities contributed $450.3bn, or 2.6%, of US gross domestic product in 2014.
As an indicator of a growing segment, 17 P&C Insurers, 13 of which are AAIS members, made the newly-announced 2016 Fortune 500 list, according to Fortune Magazine.