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Data, Analytics, and Decision-Support Services for the Property/Casualty Insurance Industry
Verisk’s ISO subsidiary is the property/casualty insurance industry's leading supplier of statistical, actuarial, underwriting, and claims data. Other units — including AIR Worldwide, Xactware, and Quality Planning — also serve property/casualty insurers. Our risk-assessment services and decision analytics help customers compete effectively.
ISO
ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. Here's an outline of the products and services we offer:
- data to help insurers make independent decisions about their pricing
- statistical and actuarial services
- insurance policy language
- rules needed to write and rate insurance policies
- tools for predictive modeling and scoring of risk
- information about specific properties and communities
- claims data and other information for underwriting
- tools for identifying and preventing insurance fraud
- criminal records and other public information
- motor vehicle reports and related information
- information for marketing, loss control, and premium audit
- risk consulting services
- rate-quote, underwriting, and policy-management systems for all commercial and personal lines insurance
AIR Worldwide
ISO’s AIR Worldwide subsidiary is the technological leader in catastrophe modeling.
AIR pioneered the development and application of probabilistic catastrophe modeling, which revolutionized the way insurers, reinsurers, and financial institutions manage their catastrophe risk. AIR’s leading-edge models of global natural hazards form the basis of its software systems. Those systems can help customers identify, quantify, and plan for the financial consequences of catastrophic events.
AIR has models for more than 50 countries throughout North America, the Caribbean, South America, Europe, and the Asia-Pacific region.
And AIR also models man-made perils. The AIR Terrorism Loss Estimation Model estimates losses from possible terrorist attacks.
Quality Planning
Verisk's Quality Planning (QPC) subsidiary supplies tools and services that help auto insurers identify rating errors, recover lost premium, and minimize future losses. QPC helps clients increase revenues from their existing rating plans and charge a fair price to the policyholder based on a true representation of the risk.
When applying for auto insurance, an insurer’s potential customer may intentionally or inadvertently misstate key facts about the vehicle, its garaging location, its drivers, or its use. Relying on the faulty information, the insurer may calculate a premium that does not adequately reflect the risk.
QPC offers a unique set of services that use advanced database matching, statistical analysis and modeling, customized survey design, and targeted customer interaction to identify and recover lost premium.
Xactware
Verisk’s Xactware subsidiary provides computer software for professionals involved in estimating all phases of building and repair. In 1986, Xactware opened for business with its flagship estimating system, Xactimate®. Xactimate helps contractors and insurance adjusters estimate the cost of repairs and reconstruction faster and more accurately than ever before. In the years since its introduction, Xactimate has evolved into a high-powered package complete with a patented plan-sketching program. Eighty percent of insurance repair contractors and 15 of the top 20 property insurers use Xactimate to determine the cost of repairs. Today Xactware offers a wide variety of software and systems for estimating and management.
360ValueTM
To serve insurers and other customers that need to estimate the replacement costs of properties, Xactware and AIR Worldwide offer 360ValueTM. Fusing unparalleled data and advanced technology from ISO, Xactware, and AIR, 360Value produces reliable replacement-cost estimates and property data to reduce underinsurance, improve underwriting decisions, and enhance automated underwriting processes.
For more information . . .
. . . about ISO's products and services, visit the ISO website. For information about Verisk’s other products and services for property/casualty insurance, visit these websites:
To ask a question, make a comment, or request service, contact Verisk. You can also call us at 1-800-888-4476.
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