JERSEY CITY, N.J., September 23, 2010 — ISO’s Applied Informatix unit announces a program to develop a Driving Behavior Database for Modelers (DBDM). The DBDM will be a unique data source for insurers that want to develop state-of-the-art underwriting and rating plans involving driving behavior or use analytics to differentiate their driving behavior programs.
“The DBDM is a cutting-edge auto underwriting and rating resource that will allow insurers to create and bring to market their own telematics programs through the aggregation of telematics and insurance data,” said Steven C. Craig, general manager of Applied Informatix.
“This groundbreaking program will define the relationship between losses, traditional policy information, and driving behavior,” added Craig. “The risk information that will be uncovered will provide insurers with a platform for improving existing products and developing new ones.”
The DBDM will offer analysts the greatest statistical value and flexibility when determining how driving behavior characteristics are predictive of loss. Companies can decide to receive only their own policyholder data, or they can join a group of companies choosing to anonymously share statistically selected samples of data so that each will have more information for modeling and other uses.
Applied Informatix was created to gather and analyze data from installed telematics equipment in private passenger and commercial vehicles. Applied Informatix has announced the release of its first product, GeoMetricTM, a decision tool that will provide insurers with a unique method of analyzing driving location risk using GPS data from telematics devices. GeoMetric will allow insurers to assess the risk of an insured based on actual driving locations — while keeping the insured’s driving locations private.
During the development phase, ISO will work closely with development partners who will have exclusive access to their own data, benchmarked to the industry aggregate, as well as input on design considerations for the DBDM. Development partners will also have access to GeoMetric reports.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a subsidiary of Verisk Analytics. For more information, visit www.verisk.com/iso and www.verisk.com.