Data management and statistical reporting are serious business.
Costs can soar to 5X
Incomplete or inaccurate reporting and noncompliance can threaten your bottom line. These costs can soar to 5x what it would cost to get it right the first time.
Discover the ISO Preferred Data Partnership – a better way to report your statistical data.
Financial
10%+ of insurers’ IT budgets are spent on regulatory compliance—staff analyzing requirements and change implementation.
Operational
40% of insurers aren’t satisfied with their IT capabilities for statistical reporting and data calls.
Regulatory
50 states have their own reporting requirements for insurers, which often change.
Saving time and money
Fewer resources devoted to collecting, reviewing, and preparing data for reports
Streamlined reporting
Fewer steps from data to report
Increased compliance
Lower potential for fines from state regulators
Proper data management can lead to time and money savings, streamlined reporting, and increased compliance.
Source: Novarica Research Partners Program Report: Strategic Technology Issues in Regulatory/ISO Compliance for P&C Insurers
Key Differentiators of PDP
Extensive regulatory-reporting experience and support lowers your reporting overhead
ISO’s technology framework enable scalable delivery
Timely, efficient reporting and quality standards
Leverage ISO partnership
Not a one-size-fits-all solution—ISO will produce a customized data processing and build-out for our insurer partner
After joining PDP:
say they experience benefits from working with our PDP staff
of our customers see an immediate cost reduction
Source: Data on file, ISO
What PDP customers say
"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.
Streamline how you manage and report data
An end-to-end solution
ISO compiles, aggregates, maps, and submits statistical reports on your behalf.
Quality output
ISO helps with data validation for use in regulatory reports and analyses. Rules and reasonability checks are used to improve data quality.
Validation
Use skilled customer outreach where self-reporting or other concerns call for validation.
Consultative and customizable
Get flexible, tailored reporting solutions and training from ISO’s dedicated team of data managers and scientists, subject-matter experts, and actuaries.
A better way to report your statistical data
The ISO Preferred Data Partnership helps you more fully unlock the business potential of your company’s data.
Data management and reporting made easy
The ISO Preferred Data Partnership can help you address the challenges of data management and reporting. Benefits may include:
- Ease of use – (Non-core essential activity)
- Reduced overhead of data management processes and reporting
- Lower cost of submissions and compliance
- Improved accuracy, quality, and timeliness
- Transfer of ISO statistical reporting and ongoing maintenance overhead
Start-ups face unique challenges
Data management and statistical reporting can be challenging for start-ups and acquisitions. They must comply with regulatory reporting requirements while establishing a new business.
Discover Verisk’s data solutions
Our data management services are complemented by a full suite of data solutions that can help solve statistical challenges and navigate compliance issues as you discover—and exploit—the full value of your data. See our other solutions below.
ISO Statistical Services
ISO Statistical Services can help you navigate today’s compliance challenges.
Data Management Services
Address the challenges of poor data quality and unreliable data management.
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