NEW YORK, March 4, 1997 — Insurance Services Office, Inc. (ISO) is for the first time offering to develop insurance programs tailored for individual property/casualty insurers who want to tap into new markets or expand in existing markets.
ISO's new consulting service uses ISO's line and actuarial expertise to complete all the steps needed to customize an insurance program, from research regarding coverage possibilities and rating alternatives to submission of filings and responses to regulator's questions.
ISO is a New York-based service organization that provides standardized coverage programs, statistical information, actuarial analyses and other information.
"ISO's new service is particularly useful to insurers that don't have enough qualified people available to develop and maintain a new program of insurance or update an existing program because of peak-load demand or other time constraints," said Domenick J. Yezzi, Jr., ISO's vice president — specialty commercial lines.
"Specifically, ISO can research policy coverage needs for standardized and specialty programs and write the multistate coverage forms, optional endorsements, mandatory state exceptions and any policyholder notifications that insurers request," said Yezzi. ISO can also research and develop the multistate rules and state exceptions needed for new programs. Alternatively, ISO can review an insurer's proposed program or existing forms and rules and update them.
"Besides forms and rules, ISO can research data availability — either from the ISO database or other sources," said Yezzi, adding, "and ISO can review the calculations and assumptions an insurer has made about its own self-developed or existing programs and make appropriate recommendations."
ISO can also lift the heavy and complex burden of filing programs from insurers by writing explanatory memoranda and providing supporting actuarial documents; assembling filings, including drafting filing letters, completing state filing forms and calculating fees; submitting filings and answering regulatory questions; and keeping insurers abreast of a filing's progress.
ISO has been an acknowledged leader in drafting benchmark insurance programs for its more than 1,400 customers for more than 25 years.
For more information about ISO's consulting service, contact ISO's customer service department at 1-800-888-4476.