The ISO Preferred Data Partnership can save you time, money, and enhance your insurance compliance operations by assisting you with every aspect of statistical data reporting.
Companies can devote up to 10 percent of their IT budgets on insurance regulatory compliance, and yet 40 percent of insurers aren’t satisfied with their IT capabilities for statistical reporting.1
Insurance compliance doesn’t have to drain your resources or overwhelm your operations. Whether you need to reduce errors in your reporting, enhance the efficiency of your compliance resources, or derive more value from your insurance statistics and data, the ISO Preferred Data Partnership can help.
It could cost you up to five times as much to fix inaccurate or incomplete statistical reports as it would if you got it right the first time.2
Your business is unique. If you’re looking to drive even greater operational efficiencies from your compliance operations, or improve the quality of your statistical reporting, a traditional statistical agent may not offer the hands-on engagement you need.
With the ISO Preferred Data Partnership, you’ll receive all the services of a traditional statistical agent while gaining access to expertise designed to tailor a customized solution that fits your business and data reporting needs. A broad range of insurance entities—from startups to multi-state carriers, from MGAs to TPAs—can become an ISO Preferred Data Partner.
Through a consultative, customized approach, we work with you to develop a reporting infrastructure that’s reliable, scalable, and responsive to changing regulatory requirements. Contact us below to learn more about Verisk reporting incentives and how we can support your other reporting needs.
Time and effort invested in triaging and maintaining your stat reporting operations is time and effort you’re not investing in more profitable pursuits.
By becoming an ISO Preferred Data Partner, you can offload reporting overhead, improve your compliance operations, and free up resources for more strategic initiatives.
Moving the majority of our ISO submission workflow to PDP streamlines our use of ISO web-based applications to accomplish the submissions, and that added time savings is used to focus on data quality and system testing of data reporting changes.
- Carl Christiansen, CIDM, Vice President, Statistical
- Mitsui Sumitomo Marine Management (U.S.A.), Inc.
Start-ups and new acquisitions have a lot of work to do to create a new business that will last and grow to be profitable. Managing data and handling regulatory reporting are vital functions that may require outside help.
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As a statistical agent ISO aggregates and submits data to regulators annually, on your behalf, in response to regulatory requirements.