ISO RiskElementsTM provides the high-quality data you need to help create innovative and predictive analytics. The service offers access to ISO’s unparalleled insurance data sets along with leading market and demographic research data — validated, scrubbed, and ready for modeling. The data can support research for a wide range of functions within your company, including marketing, actuarial and claims analysis, and product development.
Save time, money, and resources
The world of data is growing faster than ever before, and analysts often spend more time sifting and preparing data than creating predictive models. ISO RiskElements can help. We quickly and efficiently produce analytic-ready data sets for our customers. Your staff will be able to spend less time preparing data and more time developing models.
Insurers can use ISO RiskElements to help develop:
- growth strategies — For example, a small inland marine insurer is looking to enter the homeowners market in the Northeast but doesn’t know where to start. ISO’s actuarial data provides some competitive information and insights into potential growth. However, to plan a marketing strategy, the insurer needs to know more about the people in those communities. By adding market research, labor, and crime data from ISO RiskElements, the insurer can create its own internal model and decide on the most efficient and effective marketing strategy.
- new directions — For example, a midsized personal auto insurer has seen growth in the frequency and severity of claims in one of its most affluent markets. ISO’s actuarial data helps the insurer identify and understand the cause of loss trends. But by adding market research and demographic data into the model, the insurer’s analysts can identify emerging risks in the population and determine new coverages to offer in those markets.
The ISO RiskElements currently offers model ready data for:
- Personal Auto
- Commercial Property
- General Liability
- Medical Professional Liability
- Commercial Auto
ISO RiskElements gives you the ability to:
- access a single source for quality modeling data
- reduce the time and cost of data preparation
- leverage ISO’s expertise
- gain a competitive advantage with innovation and speed in predictive analytics
- use a less expensive and more convenient way to access a wide range of data
ISO RiskElements is available in a variety of formats depending on the size and nature of the data, including text files and SAS data sets.