JERSEY CITY, N.J., Dec. 2, 2002 — Insurance Services Office, Inc. (ISO) has acquired IntelliCorp, Ltd., a nationwide provider of criminal records, motor vehicle reports and other public documents. Terms were not disclosed.
With a database of over 70 million criminal records accessible via the Internet, the Solon, Ohio, firm gives ISO the largest, most in-depth and current repository of criminal records to meet customers' growing need for information tools to help combat insurance fraud and support numerous other business decisions.
ISO supports the property/casualty insurance industry's claims management operations with ISO ClaimSearch®, an all-claims database of more than 320 million claims records. Insurers use ISO ClaimSearch to detect potentially fraudulent claims and to expedite payment of meritorious claims, while law enforcement agencies and other entities use the service in criminal investigations.
"ISO customers have expressed interest in gaining access to criminal records through ISO ClaimSearch," said Frank J. Coyne, ISO's chairman, president and chief executive officer. "Claims adjusters and special investigative units accessing the ISO ClaimSearch database require criminal records to research claims.
"We selected IntelliCorp for the depth of its database and the quality of its delivery capability," said Coyne. "With IntelliCorp now part of our company, ISO has an advanced, reliable and cost-effective source of comprehensive criminal and civil records."
ISO formed a strategic alliance with IntelliCorp earlier this year to distribute criminal records along with other public records offered through ISO ClaimSearch.
IntelliCorp will continue to operate in Solon, Ohio, as a wholly owned ISO subsidiary under the leadership of its founder and chief executive, Chad Salahshour.
"I am delighted IntelliCorp has become part of the ISO family," said Salahshour. "Working inside the broader ISO enterprise provides IntelliCorp an opportunity to grow by linking our products to an array of ISO solutions," said Salahshour. "What's more, we are now part of the leading provider of property and liability risk information."
IntelliCorp stands apart from its competitors because its repository of criminal records is the largest of its kind. In addition, IntelliCorp operates Sheriff National Data Systems, which is the data repository for sheriff's departments in many states. IntelliCorp also provides a wide range of information from federal, state, local and private sources for employment, investigative and tenant screening purposes.
"Operationally, IntelliCorp is an ideal match for ISO, which has extensive experience in database management," said Coyne. Besides ISO ClaimSearch, ISO maintains a 7.7-billion-record database of detailed information provided by thousands of carriers countrywide. That data forms the foundation for hundreds of ISO's analytical services and decision-support products, including projections of future claims for 18 lines of insurance, standardized insurance policy forms, premium-change tracking information and special insurance programs for market segments, among others.
ISO maintains other claims databases insurers use in underwriting property, auto and liability coverage. In addition, ISO maintains potential-loss information for more than 2 million commercial properties covering nearly 4.5 million businesses. Other ISO databases provide records on stolen art, marine losses, stolen construction equipment and analytical information reinsurers use to determine expected losses in commercial coverages.
ISO is a leading source of information, 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, insurance regulators and other government agencies.