NEW YORK, Feb. 7, 2000 Insurance Services Office, Inc. (ISO®) will expand its A-PLUS loss-information databases for underwriting to include personal and commercial automobile loss-history information.
The expanded A-PLUS database will include such information for all policy types, perils, loss types and loss amounts.
A-PLUS is the property/casualty insurance industry's most complete loss-history underwriting-information service for personal and commercial property and liability. A-PLUS' expansion makes the A-PLUS database a fully comprehensive alternative to the only other source of loss-history information for underwriting.
The loss-history information in the A-PLUS system helps underwriters evaluate risk and determine whether – and at what price – to sell coverage. A-PLUS also helps insurers identify misrepresentation and fraud in insurance applications.
"Insurers recognize the economic importance of fostering a competitively priced alternative for the full range of loss-history information used in underwriting," said Frank J. Coyne, ISO's president and chief operating officer." A-PLUS' property loss-history information is already the most complete in the property-underwriting field," Coyne said, "and with the addition of thorough automobile loss-history data, the A-PLUS system will provide full information for underwriting."
A-PLUS – Property contains information on property and liability losses from more than 1,130 contributors. Among those contributors are insurers that account for 87 percent of the industry's premium volume, as well as FAIR Plans, managing general agents, joint underwriting associations and other insurance pools.
More than 260 auto insurers,representing nearly 65 percent of U.S. property/casualty premium volume, already are committed to reporting auto loss-history data to the A-PLUS database.
Insurers have already begun reporting auto loss-history data to the new A-PLUS – Auto database. And ISO is undertaking an aggressive program to collect five-year auto loss histories and ongoing monthly updates to ensure that A-PLUS's auto loss-history component is a full complement to the current extensive A-PLUS – Property database. A-PLUS will accept loss-history data in a variety of formats.
With broad industry support and commitments to report auto loss-history data, auto information will be available through A-PLUS early next year.
With the addition of auto information, the A-PLUS name now stands for Automobile-Property Loss Underwriting Service.
The A-PLUS – Auto database will comprise loss histories for private passenger and commercial auto insurance policies, and extend to all coverages, including bodily injury, comprehensive, theft, towing, glass, personal injury protection, and uninsured/underinsured motorists' coverage, as well as collision and property-damage liability.
"Expanding A-PLUS is a logical extension of the underwriting services we've been providing for personal and commercial property for years," said Coyne. "ISO's experience and expertise in the field, our close ties to insurers, and our world-class data-management and technology capabilities make the A-PLUS expansion a natural step," said Coyne.
Like all ISO data operations, the A-PLUS database adheres to ISO's policy and procedural safeguards that set the industry standard for protecting data security and privacy. Only underwriters and authorized agents of insurance companies that contribute loss-history data have access to the A-PLUS database. A-PLUS operates in accordance with the requirements of the Fair Credit Reporting Act and state privacy laws and regulations.