NEW YORK, Nov. 1, 2000 — Insurance Services Office, Inc. (ISO) has developed ISO IntegRaterTM, a new electronic delivery mechanism that increases the speed, accuracy and ease of loading data into insurer rating systems.
ISO IntegRater will provide insurers with a fast, easy means of incorporating ISO commercial lines advisory loss costs and rating factors into rating and policy-issuance systems. Loss costs are projections of future claim costs — a key ingredient insurers need to develop premiums.
"ISO IntegRater is a major innovation that will help insurers significantly reduce costs and improve rating accuracy," said Christopher Perini, ISO's vice president - marketing. Perini noted with ISO IntegRater insurers and service providers can avoid the typical practice of re-keying ISO rating information into their systems, a process he described as "time-consuming, expensive and error-prone."
"ISO IntegRater meets insurers' needs for ISO rating information in a common, easy-to-load electronic format that provides flexibility, speed and greater accuracy," Perini said.
ISO IntegRater will be available in the first quarter of 2001 for general liability information. Information for commercial property, commercial auto and the businessowners policy lines will be available through ISO IntegRater over the succeeding 15 months.
ISO IntegRater will use a delimited format to deliver the information. From the ISOnet® website, users will be able to access a search utility allowing them to select the information they need.
Insurers using ISO IntegRater can select data by line of business, filing identification number, circular number, update date, state, table number and implementation date.
Insurance Services Office, Inc. (ISO) is a leading source of information, products and services for managing property and liability risk. ISO provides statistical, actuarial, underwriting, and claims information and analyses; consulting and technical services; policy language; and information about specific locations for a broad spectrum of commercial and personal lines of insurance. In the United States and around the world, ISO serves more than 2,900 insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators, and other government agencies.