ISO Offers Insurers' 'One-Stop' Solution for Premium Audits

NEW YORK, Oct. 28, 1999 – Insurance Services Office, Inc. (ISO) has introduced Premium Audit XchangeSM, an automated online service to help insurers improve their premium audit operations.

Through the Internet, ISO's Premium Audit Xchange matches insurers' orders for premium audit services with qualified vendors and makes audit results available to insurers. ISO monitors the orders for quality and timeliness.

Using Xchange, which can be accessed by entering pax.iso.com on the user's web browser, insurers can:

  • Order physical, telephone, and mail audits for any policy;
  • Track their full inventory of ordered and completed audits;
  • Check status of audit orders posted on the website and inquire about late audits;
  • Create a variety of management reports showing vendor activity by state, date of completion, late-audit frequency and other factors; and
  • View and print completed audit reports.

The pax.iso.com website enables insurers to quickly zero in on the information they want to track, allowing them to view premium audit items by date, policy number, state, and other parameters. ISO premium-audit experts review and monitor every audit order placed by insurers against ISO's own rigorous quality standards. ISO reviews all audits for a broad range of attributes and checks audits against insurers' own specific requirements, saving them time on follow-ups on late or incomplete audits and reducing data-processing expense.

"ISO Premium Audit Xchange offers insurers a one-stop solution for ordering, tracking, and retrieving outsourced premium audits," said Patrick McLaughlin, ISO's senior vice president of risk decision services. "With this service, insurers leverage ISO's expertise and experience for consistent, high-quality premium audits and quick turnaround for all their premium audit submissions," he added.

ISO's Premium Audit Xchange presents vendors' audit reports on the pax.iso.com website, along with a standardized, easy-to-read, exclusive summary that shows both the estimated (if provided by the insurer) and actual exposures, as well as information from auditors' own underwriting notes and descriptions of operations to verify any changes in policyholders' exposure. Insurers can view the audit reports on the website and print them from their desktop PCs.

For more information on ISO Premium Audit Xchange, contact ISO Customer Service at 1-800-888-4476 or e-mail at info@iso.com.

Release: Immediate

Contacts:
Giuseppe Barone / Erica Helton
MWW Group (for ISO)
201-507-9500
gbarone@mww.com / ehelton@mww.com