JERSEY CITY, N.J., October 8, 2014 — ISO released today the next generation of its ISO Risk Analyzer® Personal Auto Environmental Module, a predictive analytic tool insurers can use to improve territory rating of their personal auto business. The enhancements in this new version represent ISO’s continued commitment to investing in its predictive models and analytic solutions. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
“With the availability of new and updated data sources, we’ve been able to add new variables, refresh and renew our data sets, and refine our methodology accordingly,” said David Cummings, senior vice president, ISO Insurance Programs and Analytic Services. “This enhanced environmental module builds on the strengths of ISO Risk Analyzer, offering insurers even more accuracy in classifying, segmenting, and pricing auto risks to improve their positioning in the marketplace.”
The environmental module analyzes the interactive effects of hundreds of variables in the area surrounding a vehicle’s garaging address and provides output for a number of components that reflect the risk factors. The module helps predict expected losses for risks at the policy level by major coverage. The enhanced version incorporates new variables, such as extreme weather information, average daily traffic volume, road classifications, and elevation variation, to provide insurers with more accuracy in determining a risk’s loss potential.
“Our customers tell us they find significant value in the more granular information, for example, when evaluating their territory pricing, establishing rating factors, and assessing risks as part of the underwriting process. They’re also using the solution in their own predictive modeling efforts, including projects that involve consultants,” added Cummings. “With these improvements, the module has evolved to produce even stronger predictive results.”
The ISO Risk Analyzer Personal Auto analytic suite features an environmental module, vehicle modules for liability and physical damage, and a driver history module. To learn more, go to www.verisk.com/isoriskanalyzer.
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, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; 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 Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.