JERSEY CITY, N.J., December 9, 2013 — ISO has enhanced its Statistical Agent Service with the launch of Statistical Web Services. Statistical Web Services is a collection of integrated online applications that provides participating insurers with new options for statistical data management and reporting to ISO. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
By participating in ISO’s Statistical Agent Service, insurers send ISO detailed transactions of the premiums they collect and the losses they incur. ISO compiles the data into aggregate insurance compilations required by state regulators.
Statistical Web Services offers insurers a simplified, modern alternative for reporting and managing statistical data through its integrative features. Now — from a single online source — participating insurers can review and correct data, prepare submission files, and keep track of their submission history and status. In addition, customers will now have access to the latest changes to statistical plan requirements, updated line and state eligibility, and ability to share files and submission progress with others in their organization that use this ISO-hosted service.
“As a result of these new enhancements, we are providing insurers with a workflow solution that can improve their statistical reporting processes while also reducing the internal maintenance and operational costs associated with mainframe and legacy systems and applications,” said Kevin Thompson, president of ISO Insurance Programs and Analytic Services.
“This project benefited greatly from customer engagement as early as the design stage,” added Richard Morales, project leader for Statistical Web Services. “Our dedicated teams worked with insurers to understand their IT modernization efforts and how ISO could offer an effective and innovative solution to help them meet their business goals.”
According to early adopters of Statistical Web Services, the new service offers significant value in increased efficiency and ease-of-use through its intuitive interface. “This new offering provides a familiar environment for our business users with all of the same functionality but in a more consolidated and easy-to-use interface,” said Steve Martin, senior statistical specialist at Penn National Insurance. “One benefit we achieved immediately was the time it took to do the last quarterly submission for all of our statistical packages, which went from a two-week effort to a two-day effort.”
ISO is currently developing new data quality tools that will be added to Statistical Web Services. When preparing submissions through this service, insurers will be able to take advantage of these features and receive an early indication of potential data reporting problems based on distributions of their own historical data.
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 member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information visit www.verisk.com/iso and www.verisk.com.