NEW ORLEANS, Nov. 16, 2004 — ISO has enhanced its Coverage VerifierSM policy-verification solution with four new services to help insurers manage third-party account relationships more efficiently. Insurers who report coverage data to the ISO system will be able to use these new services. As part of ISO's Automobile-Property Loss Underwriting Service (A-PLUSTM) suite of products, Coverage Verifier Services will provide insurers information for rating and pricing policies based on current and prior coverage experience.
"Writing an insurance policy requires insurers to manage several different relationships with different audiences — customers, state insurance regulators, state motor vehicle departments, banks and the U.S. Treasury's Office of Foreign Assets Control (OFAC) — and all these relationships are critical to business success," said Richard Boehning, senior vice president of ISO. "The Coverage Verifier Services are designed to leverage information for more efficient workflow and ensure compliance so that the right information gets to the right place at the right time."
The Coverage Verifier Services include:
With the Coverage Verifier database, insurers will be able to check instantly both current and previous coverages to identify prospective customers with lapsed or suspended auto policies. Insurers will be able to price policies more accurately by applying prior coverage discounts and assigning appropriate pricing tiers for insureds. This information, used in conjunction with loss-history data from the A-PLUS system, will be valuable for insurers, brokers and agents to evaluate applications from prospective insureds. Information on suspended homeowners policies will be available from Coverage Verifier at a later date.
"The additional services make Coverage Verifier a more powerful and complete system," Boehning added. "Customers will find Coverage Verifier Services useful for streamlining the underwriting workflow, maintaining effective customer relationships, fulfilling contracts accurately, complying with mandatory coverage reporting requirements, and generally reducing the cost and complexity of account support operations."
Customers can choose to participate in Coverage Verifier and its additional services or can select one or more of the additional services independently. The additional services will be available by year-end.
ISO will provide Coverage Verifier information through ISO PassportTM, ISO's enterprise-based delivery system that supports Internet access, mainframe-to-mainframe interactive capability and batch processing. ISO Passport's advanced search technology enables users to access and retrieve underwriting information faster and more efficiently. Agents, brokers and MGAs of participating insurers will be able to access Coverage Verifier information through the delivery platforms of ISO's Insurance Information Exchange® (iiXTM) unit.
The Automobile-Property Loss Underwriting Service (A-PLUSTM), a unit of ISO, is the largest property, liability and auto claims database for insurance underwriters, MGAs and agents. The A-PLUS product suite includes motor vehicle records (MVRs) from ISO's Insurance Information Exchange® (iiXTM) unit, undisclosed driver reports, vehicle registration reports, OFAC services and a variety of other underwriting services.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.