NEW YORK, January 3, 2000 – Insurance Services Office, Inc. (ISO) has unveiled two new risk-assessment and marketing-information products to help insurers more efficiently identify, underwrite, acquire, and price attractive commercial insurance accounts.
ISO Risk Profiler is designed to help insurers improve speed and accuracy of underwriting decision-making, assess individual commercial lines risks, and accurately price policies for individual accounts. ISO Pinpoint, a marketing tool, combines information unique to ISO and information from other sources to identify risks that match insurer-specified criteria. Typical information in ISO Pinpoint analyses includes information in public records, windstorm and earthquake exposure, and fire-protection capabilities of communities.
Consistent with ISO policy, neither product reveals individual-insurer information reported to ISO.
"ISO Risk Profiler and ISO Pinpoint are powerful information-research and risk-assessment products that insurers can leverage to their competitive advantage in a tough market," said James Surrago, ISO's vice president of data management and information services. "With these two new products, ISO can help insurers research risks, make more informed commercial underwriting decisions, and write more profitable business," he added.
For example, ISO Risk Profiler can identify hazards affecting an individual risk that insurers previously could not easily determine from traditional information sources. ISO Pinpoint can help identify, quickly and economically, businesses that have the most potential for insurers in the domestic market, Surrago noted.
With ISO Risk Profiler, insurers can draw on ISO for critical information on prospective customers, including such variables as company- and industry-specific financial data, claims experience of individual insureds, loss experience by territory, and loss exposures of individual risks. ISO has access to information on some 12 million U.S. companies. ISO evaluates those variables using industry-accepted risk parameters and sends insurers ISO Risk Profiler reports electronically for more accurate and responsive underwriting decision-making.
Insurers using ISO Pinpoint can research promising commercial accounts within a specific market or geographic area and request from ISO comprehensive information, based on business categories, including Standard Industry Classification (SIC) codes. ISO's report will provide information on commercial accounts operating within that territory and the SIC code, linked with risk and loss-experience information.
ISO Risk Profiler and ISO Pinpoint, together with ISO Scoreboard, a strategic tool for analyzing market segments that was introduced in June, are part of the growing ISO family of underwriting and marketing-information products.
For more information on ISO Risk Profiler and Pinpoint Marketing Information Service, call ISO Customer Service at 1-800-888-4476, or e-mail ISO at info@iso.com.
Release: Immediate
Contacts:
Giuseppe Barone / Erica Helton
MWW Group (for ISO)
201-507-9500
gbarone@mww.com / ehelton@mww.com