NEW YORK, N. Y., Aug. 13, 1996 — Insurance Services Office, Inc., (ISO) and Policy Management Systems Corporation® (NYSE:PMS) (PMSC®) have entered into agreements designed to provide their joint customers seamless access to ISO's products from PMSC's processing systems. Current and future customers of ISO and PMSC should see significant time and cost savings as a result.
PMSC provides software and automation systems for all aspects of insurance — new business administration, policy issuance, billing, claims management, accounting, marketing, and management reporting. Its three U.S. property and casualty solutions — Series II, Series III, and POINT — are designed to manage large databases.
ISO is the premier provider of information to the U.S. property and casualty insurance business, including statistical information, actuarial analyses, advisory policy forms and related services. ISO's customers include more than 1,500 insurance companies, as well as agents and regulators.
"We are extremely proud to announce these important agreements between the premier provider of data and the leading provider of data automation systems to the insurance industry," said David T. Bailey, PMSC executive vice president and manager of the property and casualty group. "We believe that for our mutual customers, ISO's data will give us a competitive advantage by improving the quality of our systems, and by reducing implementation time for new systems and updating time for existing ones. It will also simplify business for our mutual customers because our systems will be integrated with ISO's databases from the start, which saves our customers the trouble of integrating the systems."
ISO provides information to insurers that they could not produce cost effectively on their own. The statistical and regulatory information collected, trended and developed by ISO from all 50 states helps insurers develop competitive pricing strategy, comply with state and federal regulations, and maintain multistate and state-specific underwriting rules required to write insurance policies. ISO also develops standard policy contract language for most lines of property and casualty insurance.
ISO's Executive Vice President for marketing strategic planning, Donald J. Rainone said, "Our information products combined with PMSC's automation will make our services easier for our mutual customers to use, which will save them money and time.
"We are excited about this business partnership, which combines the strengths of the leading property and casualty systems provider with the leading property and casualty information provider. It means insurers and agents will have more opportunities to instantaneously obtain a wider array of underwriting information."
Under the agreements, PMSC will begin developing the means to deliver through its systems various ISO underwriting products and services, including ISO's Geographic Underwriting System (GUS®), Specific Property Information (SPI®), VINMASTER auto symbols, Electronic Forms on Diskette (EFD™) and advisory loss costs (estimates of future claims payments) in electronic format. The agreements further provide ISO an option to use PMSC's Motor Vehicle Reports and related automobile underwriting services based upon customer demand.
Headquartered in New York, N. Y., ISO is a nonprofit corporation that provides advisory information about the U.S. property and casualty insurance business.
PMSC, headquartered in Columbia, S. C., is a leading provider of application software, related automation support, and information services designed to meet the needs of the global insurance and financial services industries.
Charles T. Conway Jr.
Director, Corp. Comm.