ISO Enhances Property Claim Services as One-Stop Information Site for Tracking Catastrophes

NEW YORK, Oct. 2, 2000 — Insurance Services Office, Inc. (ISO) has enhanced its Property Claim Services (PCS) information delivery through ISOnet® by adding real-time weather maps and forecasts, electronic-mail alerts to customers on new potential catastrophic events, and expanded information on catastrophic events other than tropical storms.

ISOnet is ISO's secure, password-protected, Internet-based information delivery platform.

The addition of new information services to PCS is the first in a series of strategic product enhancements that will make ISO's PCS on ISOnet a one-stop, complete information site for insurer and reinsurer claims professionals as they track natural disasters or prepare to cope with catastrophic insured losses.

The enhanced products, accessible through ISOnet to all current PCS basic service subscribers at no extra charge, include:

  • Current Weather Information —
    Enables users to review, in real time, national and regional radar and satellite weather maps and forecasts for all major U.S. cities.
  • Alert Service —
    Notifies customers by electronic mail of breaking news on domestic and international catastrophes, reports of tropical storms and hurricanes, and advisories on new potential catastrophic events.
  • Storm and Event Tracking Reports —
    Provides users in-depth, expanded reports on catastrophic events other than tropical storms, such as earthquakes, tornadoes, terrorist acts, and riots. This service was formerly known as "Tropical Storm/Hurricane Advisories."

Later this month, subscribers to PCS on ISOnet will also have access to Catastrophe News, which provides catastrophe previews, reviews and breaking news.

"The new, expanded PCS services available on ISOnet give industry professionals an even richer array of information," said Richard Boehning, ISO's senior vice president. "Insurance-claims personnel seldom have more than a few days, and sometimes only hours, to plan and execute their logistical and claims-processing strategy when catastrophes strike. Claims professionals need up-to-the-minute weather-tracking and forecast information as quickly and efficiently as possible, and having access to it all at one website — in real time — will be a big plus."

"ISO has more new services from PCS in the works that will allow customers to better manage their catastrophe exposures and take action in advance to mitigate potential property losses," added Boehning.

For more information on new PCS products and pricing, please contact ISO's PCS unit at 732-388-5700 or by e-mail: gkerney@iso.com.

About Property Claim Services (PCS)

PCS, a unit of Insurance Services Office, Inc., is recognized around the world as the property/casualty industry's authority on catastrophe information services. For more than 50 years, PCS has been responsible for identifying and estimating insured property damage resulting from catastrophes affecting the United States. The identification of events as catastrophes by PCS has provided primary insurance companies and reinsurance companies worldwide with a way to segregate property losses that may be subject to reinsurance coverage.

PCS' insured property loss estimates have traditionally provided claims departments with benchmarks to validate companies' preliminary reserve estimates and the physical resources needed at catastrophe sites for claims handling.

Over the years, PCS has enriched its offering of products and services to include:assigning catastrophe serial numbers; preparing property loss estimates in the wake of catastrophic events; distributing catastrophe-related data and publications; developing educational programs; and most recently, providing index information to help the property/casualty industry securitize catastrophe risk.

Release: Immediate

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

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