JERSEY CITY, N.J., June 21, 2007 — Solutions from ISO and its family of companies have been recognized by insurance companies responding to a survey sponsored by Insurance Networking News and Financial Insights.
To create the 2007 InsureTopTech results, Insurance Networking News magazine and analyst firm Financial Insights (an IDC Company) invited insurers — the voice of the insurance industry — to determine which technology firms provide the most value to their operations.
ISO Insurance Technology Solutions (ISO-ITS), a division of ISO Strategic Solutions, Inc.; Quality Planning Corporation (QPC); Xactware Solutions, Inc.; and ISO’s ISOnet product were all identified by insurers as solutions that contribute to their growth.
When asked to name technology firms that most add value to meeting company objectives, insurers’ choices included ISO-ITS, Xactware, and ISOnet — the information service for insurance professionals.
QPC — which supplies tools and services that help auto insurers identify rating errors, recover lost premium, and minimize future losses — was highlighted by insurers as an up-and-coming firm that insurers are considering as a new provider. QPC was cited by insurers as a firm that keeps them informed through analytics to make sound business decisions.
ISO-ITS — provider of ISO Rating Service and the AscendantOne Policy Management Suite — was cited by insurers as another up-and-coming firm: a firm that keeps their businesses operating; keeps them informed through analytics to make sound business decisions; helps them maintain their financial, accounting, and reporting requirements; helps them develop and enhance their products and services; and provides quality customer care for their policyholders, producers, and claimants.
Xactware — which provides computer software for professionals involved in estimating all phases of building and repair — was also cited by insurers as an up-and-coming firm that keeps their businesses operating more productively and keeps them informed through analytics to make sound business decisions.
Xactware’s Xactimate solution — which helps contractors and insurance adjusters estimate the cost of repairs and reconstruction quickly and accurately — was cited separately by insurers as an up-and-coming solution that insurers acknowledged as an important new entrant that they may be considering as a new provider.
All hardware, software, and/or IT service providers in the insurance industry were eligible to participate in the survey. The results were exclusively derived from insurance companies in the United States and Canada, who ranked their experiences with insurance technology providers across several categories. A large sampling of qualified technology users determined the results through an anonymous online survey.
“The survey conclusions are particularly satisfying because it was insurance companies — not Insurance Networking News magazine or Financial Insights — that cited ISO’s solutions as being valuable,” says Neil Spector, ISO Vice President of Sales. “What’s more, insurers were asked to name independently the technology firms that add the most business, analytic, and decision-support value, not choose from a predetermined list.”
Qualifying for the “best of the best” required uncommon metrics and objective end-user evaluations. More than one representative from each insurer was eligible to vote, but no one could vote more than once. From their votes, two sets of rankings were developed: one for companies that received the most responses across all categories and one for solution areas (including only the vendors mentioned within each category). Insurers were asked to vote only for firms that their company currently has a contract with or has worked with in the past year. This served to identify technology providers with the most tangible market presence, not just brand awareness.
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 United States and around the world, ISO’s services help customers protect people, property, and financial assets.