NEW YORK, Nov. 30, 1998 — Insurance Services Office, Inc. (ISO) has established a data-management consulting practice for insurers and other participants in the property/casualty insurance market.
ISO's Data Management Consulting Services enable insurers, reinsurers, independent rating bureaus and regulators to tap into ISO's data-management expertise and receive customized services that meet their individual needs.
ISO's data-management consulting expands ISO's existing consulting practice, which already includes actuarial consulting as well as consulting on policy forms and rules, catastrophe management and financing, and regulatory filings.
ISO is the leader among insurance advisory organizations in data management and maintains the property/casualty industry's largest statistical-information database containing more than 5.5 billion records for 17 different lines of insurance.
"Our new data-management consulting service leverages ISO's core competencies in data gathering, statistical analyses and data management," said Peter Marotta, the principal in charge of ISO's data-management consulting practice. "We will consult with clients to help them bolster their strategic decision-making processes, sharpen their business objectives and streamline their data operations. We will consult with clients to ensure their data systems can support their entry into new markets, their expansion into new lines of business, or their orderly withdrawal from a market segment or line of business. In addition, a company can improve its regulatory compliance by outsourcing data-management operations to us."
Added Marotta:"Companies often tie up valuable resources in data-management operations when they could deploy those resources more profitably to revenue-generating products and services. ISO's expertise can help customers manage their data operations more cost-efficiently and strengthen the bottom line."
ISO offers data-management consulting services in three specialty areas: customized consulting, compliance analysis and educational programs.
Customized consulting service includes developing individualized specifications for data reporting and data capture; designing and modifying customers' existing specifications;identifying critical information to monitor and support new products; creating statistical-coding and error-monitoring manuals and data dictionaries; assessing internal and external system changes; and developing criteria for data conversion, mapping and testing.
Compliance analysis includes advisory services to companies on regulatory and statistical-agent reporting requirements; data-element review and compliance analysis; analysis of error listings and corrective plans; administration of data-quality audits and other self-certification procedures; and analysis of compliance with industry aggregate reporting (special call) requirements.
ISO will provide clients' employees customized seminars and training on data reporting and data quality, application and use of industry statistical plans, and supporting data-management tools.