JERSEY CITY, N.J., USA, October 15, 2001 — Faraday Underwriting Ltd., a London-based Lloyd's syndicate, has licensed ISO CatCubeTM database of historical catastrophe-claims information to improve its claims-handling process, Insurance Services Office, Inc. (ISO) announced.
ISO CatCube is a fast, flexible way to access and analyze data in ISO's Property Claim Services (PCSTM) catastrophe-history database, with data going as far back as 1949. PCS is recognized worldwide as the U.S. property/casualty industry's authoritative source of insured-loss evaluations for catastrophic events.
Insurers, risk managers and other industry interests use ISO CatCube in their catastrophe planning, reinsurance purchases, resource allocation, underwriting and marketing decisions.
"Faraday Underwriting's decision to license ISO CatCube reaffirms why insurance professionals all over the world depend on ISO for catastrophe-claims information," said Christopher Cron, ISO vice president — international. "ISO CatCube provides claims professionals the most comprehensive source of historical claims information, allowing them to manage their claims-processing operations more efficiently," Cron added.
ISO CatCube uses Cognos® PowerPlay® online analytical software, allowing users to explore any combination of database elements and examine how different types of information interact. Customers can access the ISO CatCube database with only a web browser and a password for ISOnetSM, ISO's Internet information-delivery service.
For instance, an insurer might look at information on catastrophes such as windstorms, fires or hurricanes, by catastrophe serial number, date of occurrence, states affected, any of 10 categories of catastrophe types, amount of loss and type of insured-loss estimate (preliminary, resurvey or final).
ISO CatCube users can search through multiple levels in each information category and display results in a number of preformatted reports or graphs. Using ISOnet also makes it easy to link with other PCS information, such as catastrophe bulletins and daily-event reports for catastrophes since January 1998.
About Property Claim Services
ISO's PCS unit is recognized worldwide as the U.S. property/casualty industry's authoritative source for catastrophe-claims information. For more than 50 years, PCS has been responsible for identifying and estimating insured-property damage from catastrophes affecting the United States. PCS' identification of events as catastrophes provides primary insurance companies and reinsurers worldwide 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.
ISO, headquartered in Jersey City, N.J., is a leading source of information, and products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; information about specific locations; fraud-identification tools; and data processing. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, and insurance regulators and other government agencies. For more information on ISO products, contact ISO at Info. Global@iso.com, or visit ISO at www.verisk.com/iso.
Simon White (Faraday Underwriting Ltd.)