NEW YORK, December 4, 1998 — Insurance Services Office, Inc. (ISO) now offers a service to help insurers avoid losing essential pricing information if their internal computer systems fail because of year-2000 problems.
ISO's Millennium Report Service gives insurers that report statistics to ISO added protection by providing insurers access to their own pricing information and other critical business data if their systems fail to properly recognize the year 2000.
"With the extent of year-2000 computer problems still unknown, gearing up for a worst-case scenario — a system crash that results in lost data — is difficult," says James Surrago, ISO's vice president, data management & information services. "ISO's Millennium Report Service is a low-cost backup that can provide insurers premium and loss reports for the major commercial and personal lines if their systems fail."
ISO's Millennium Report Service gives insurers a safe way of accessing information such as premium and loss statistics by state, territory, and classification; quarterly loss trend; and loss development.
For each Millennium Report customer, ISO will create a company-specific database from ISO's own database and run data-quality checks. Through the service, insurers can request reports for these lines: personal auto, homeowners & dwelling fire and allied lines, businessowners, commercial auto liability/no fault & physical damage, commercial property, and liability other than auto. Customized reports are available for an additional charge.
ISO maintains one of the largest private databases in the world. ISO's computers store some 5.5 billion detailed records of insurance premiums and losses.
Insurers that purchase the service in 1998 will pay the lowest preparation fee and have first priority for report production. Companies signing up in 1999 and 2000 will pay higher fees to reflect the extra work needed in a shorter time period.
ISO is the leading supplier of statistical, actuarial, and underwriting information for and about the property/casualty insurance industry. ISO provides services to more than 2,900 participating insurers and their agents.