One byproduct of your business involves collecting risk data. What you do with that data, however, can make or break you. Incomplete or inaccurate reporting and noncompliance threaten your bottom line when you lose your grip on your own data. The ISO Preferred Data Partnership can help.
To fulfill regulatory responsibilities, insurance regulators require insurers to submit experience data on policies written. ISO’s statistical service helps you fulfill your responsibility accurately and economically. As a Preferred Data Partner, you provide us with transaction data on premiums and losses—in your choice of format—and we compile, aggregate, and generate statistical reports on your behalf. ISO then submits the reports to the appropriate state insurance regulators in response to basic reporting requirements as part of our stat agent services. In addition to providing standard regulatory reports, ISO can help you respond to special data calls.
The ISO Preferred Data Partnership helps you more fully unlock the business potential of your company’s data. ISO employs credentialed data managers and actuaries who can assist you with refining your raw data into usable information. By combining your raw data with our large datasets, you can benefit from our foundation of sophisticated pricing analytics, advisory prospective loss costs, actuarial services, and predictive modeling products, including ISO Risk Analyzer® and ISO RiskElementsTM.
Data correction can cost you additional time, labor, and other valuable resources. One of the services we provide to our Preferred Data Partners is to perform quality checks on data submissions, identifying errors early in the data processing cycle—this allows for an easier correction and submission process.
ISO has always offered an incentive to our customers to provide high-quality data in full detail. By letting the ISO Preferred Data Partnership help you with high quality data submissions, you may be able to maximize the credits ISO offers to offset participation charges.
In addition to helping with data validation for use in a variety of regulatory reports and analyses produced on your behalf, our extensive data validation rules and reasonability checks help improve the quality of your data for your own internal uses, increasing its potential utility.
Reporting data isn’t always easy. The ISO Preferred Data Partnership is here to help you. Give us your native data— in your choice of format. We’ll do the rest in helping you complete the reporting process. We also perform a completeness check through our annual verification program in which we compare your statistical data to your financial data by line of insurance and state. If we discover any significant differences, we work with you to resolve them.
For more information about ISO statistical reporting and the ISO Preferred Data Partnership program, call your ISO representative or send e-mail to firstname.lastname@example.org.