We live in an information age. Businesses, investors, regulators, and public policymakers seek accurate information for everyday decisions. And no organizations rely more heavily on data than property/casualty insurance companies and the insurance departments that regulate them.
Insurers in the United States have a legal responsibility to collect statistical data about their premiums and losses — and to report that data to regulators in every state. ISO's statistical service helps you fulfill your responsibility accurately and economically.
In every state, ISO is an appointed statistical agent for many lines of property/casualty insurance. As a statistical agent ISO aggregates and submits data to regulators annually, on your behalf, in response to regulatory requirements. And ISO makes that information available to you — in the form of products and services you need for almost every aspect of your operations.
What you get
When your company participates with ISO for statistical service, you agree to send us your data — individual records of insurance transactions, such as premiums collected or losses incurred. ISO then processes the data to produce aggregate statistics and reports those statistics to state regulators.
To do all that, ISO supplies many products you need for statistical reporting:
- statistical plans — manuals that specify the way you code and submit your premium and loss data
- actuarial edit definitions — specifications for the quality checks ISO performs on your data
- other instructions and information about reporting
- data-editing aids to help you avoid errors
- error listings to help you correct and resubmit any data that fails our quality checks
- reports and other products to help you meet individual state reporting requirements
Cost-effective data collection and reporting
Producing high-quality data is never cheap. But ISO's statistical service can be your most cost-effective way to fulfill your reporting responsibility. Here's why:
- When you send ISO data in full detail, we give you a statistical credit that offsets the charge for regulatory reporting and reduces the cost of other ISO services. In effect, ISO pays you to report statistics.
- Even if you have an independent insurance program — one that doesn't use ISO's standardized policy language and rules — ISO will reduce your overall charges if you report statistics in a form that we can use for our informational products. And ISO will work with you one-on-one to help convert your data to the required formats.
- ISO constantly monitors reporting requirements in every state and produces statistical plans to comply with those requirements. That saves you the time and expense of keeping up with legal and regulatory changes.
- You can save even more by using ISO statistical plans as the basis for your internal management-information systems. ISO's coding follows our standard rating formulas, so there's no wasted effort. The codes you need are the ones you record.
- ISO supplies reasonably priced editing tools, as well as training materials and seminars, to help your staff stay up to date on techniques for maintaining data quality.
- And when your data passes our quality checks, you know you've got reliable information for your own internal analysis and decision making.
ISO's statistical service is inexpensive, and the benefits are outstanding. We don't believe you can meet your regulatory requirements in a more cost-effective way — not by reporting to another statistical agent and not by doing the work yourself.
For more information . . . .
. . . on ISO's statistical service — or to get in touch with a sales representative — contact ISO. You can also call us at 1-800-888-4476.