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Who is ISO?
ISO
is the leading supplier of information for and about the
property/casualty (nonlife) insurance industry in the United States.
ISO’s statistical, actuarial, and underwriting information is a vital
resource to insurers, government regulators, and other insurance
organizations. And ISO’s standardized policy language is the foundation
on which many insurers build their coverage programs.
ISO
began life in 1971 as Insurance Services Office. While ISO still serves
the property/casualty insurance marketplace, the business has expanded
greatly. Therefore, in recent years, it has not used the old name in
most of its communications with customers and others.
What does ISO do?
ISO
maintains one of the largest private databases in the world. Each year,
insurers send ISO some 1.2 billion detailed records of insurance
premiums collected and losses paid. At any one time, ISO’s computers
store more than 5.5 billion records.
ISO’s
professional staff members analyze insurer data and turn it into
meaningful information. For example, ISO data shows how losses vary for
different classes of risk, different grades of fire protection,
different construction types, different makes and models of autos, and
drivers of different age groups, genders, and other categories.
ISO uses its statistical expertise to serve insurers, regulators, and other organizations in many ways, including:
- collecting, storing, and quality-checking data on behalf of customers
- using its database to prepare reports that meet the needs of government regulators, insurers, and other customers
- developing systems for collecting data and helping customers implement those systems
- providing training and support for personnel involved in data collection and reporting
- developing systems and procedures to ensure data accuracy
- helping customers develop meaningful reports
- remaining a leader in policywriting
How can ISO help my business?
ISO has been an integral part of the insurance industry in the United
States since its formation in 1971. ISO can provide vast amounts of
historical and prospective risk information to support you in your
decision making and rating guidelines. In addition, ISO works
continually on behalf of insurers to update and file policy wordings
with relevant U.S. regulators as well as working on behalf of insurers
with emerging issues.
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