JERSEY CITY, N.J., April 16, 2014 — ISO today announced the launch of ISO Rapid Valuator, an innovative pricing tool that helps insurers independently analyze their own loss costs for commercial property accounts in the frequently changing excess and surplus (E&S) market. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
The pricing tool, seamlessly using ISO’s new online portal, can perform a detailed loss cost analysis for an insurer’s multiple individual exposures in five minutes or less, with results easily included in the insurer’s systems and workflow for final pricing.
“The E&S market has long been riskier and more instinctive for insurers, as they try to price competitive policies for niche risks with limited historical data,” said John Buchanan, principal of Excess and Reinsurance at ISO. “The ISO Rapid Valuator can help you make more informed pricing decisions with speed and ease, balancing a solid foundation of industry data with your own experience and insight.”
In addition to analyzing individual account and market opportunities, the tool can perform other tasks, such as generating renewal price monitors and premium allocations for multiple locations. Users can also take advantage of excess layering opportunities, which seamlessly links to information from more than 3 million occurrences underlying PSOLDTM, ISO’s Commercial Property Size-of-Loss Database.
The ISO Rapid Valuator is not just useful in the United States. Through its extensive and customizable features, insurers looking to maximize their opportunities in international markets can easily adapt the loss cost results, using construction, occupancy, protection, and exposure (COPE) adjustments that ISO has developed for many countries in the excess insurance market.
“Insurance is a highly competitive business in the United States and around the world,” said Joe Palmer, assistant vice president and actuary with ISO’s Commercial Multi-Line Actuarial Division. “This tool for E&S underwriters, along with many other offerings in the ISO portal, helps you avoid time-consuming calculations and focus your energies on profitably growing your business.”
To learn more about the ISO Rapid Valuator, contact your Verisk account executive or send e-mail to email@example.com.
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.