JERSEY CITY, N.J., March 1, 2005 — ISO has formed an independent division to develop new analytic solutions and enhance existing products and services for professionals in many fields who classify and evaluate risk and detect fraud.
ISO Innovative Analytics (IIA), with offices in San Francisco and Jersey City, N.J., will draw upon resources throughout the company for new product development, focusing initially on analytic solutions for insurance underwriting, claims and rating. IIA is currently developing underwriting predictive modeling analytics for personal auto, workers compensation and homeowners lines of insurance, as well as predictive models for claims.
Daniel Finnegan, president of ISO's Quality Planning Corporation subsidiary based in San Francisco, will lead the new unit, directing technical operations and product development. Based in ISO's Jersey City global headquarters, Vice President Christopher Perini will oversee projects, manage market and customer research, and coordinate IIA activities throughout the company. Glenn Meyers, IIA's chief actuary, working with Daniel Finnegan, will lead the actuarial analysis for all IIA initiatives.
"Our new division brings together a diverse team of innovative professionals with advanced qualifications in actuarial science, statistics, mathematics, econometrics, operations research, marketing, data modeling and decision theory," said Frank J. Coyne, ISO's chairman, president and chief executive officer. "This initiative clearly signals ISO's commitment to produce best-of-breed analytic solutions that will meet the needs of our markets," said Coyne.
"Companies in many fields, including insurance, finance, health care and real estate, are turning to predictive scores and analytics: simpler, but more powerful tools to help make underwriting decisions and adjudicate claims," said ISO's CEO.
Analytics uses sophisticated methods of statistical analysis to discover relationships and predict outcomes. Companies in the insurance industry and other industries are using analytics to reduce expenses and make more profitable decisions.
"As an industry leader, ISO is uniquely positioned to deliver innovations to the analytics market by combining our actuarial, statistical and modeling expertise to deliver the edge competitors seek in today's challenging business arena," said Coyne.
As an example of ISO analytics, Finnegan cited work on the development of ISO ScoreSM, a product that scores small-business risks predicting the likelihood of loss.
"ISO has a deep talent pool and long-standing tradition of leadership in data aggregation, management and decision support," Finnegan said. "Our new unit significantly expands ISO's capabilities in the property/casualty insurance industry and new vertical markets."
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.
EDITOR'S NOTE: For headshots of Daniel Finnegan and Christopher Perini, please contact ISO Corporate Communications at (201) 469-2427.