INSURANCE SERVICES OFFICE (ISO) INFORMATION
Founded in 1971, Insurance Services Office (ISO), a Verisk company, is a leading provider of advanced tools and analytics for the property/casualty insurance industry.
ISO’s databases contain more than 19 billion detailed records relating to insurance and risk management, which form the basis for its information services, with two billion records collected each year.
ISO is basically a credit bureau for the insurance industry.
The company gathers data for the insurance industry which includes;
- Fire and building code information
- Insurance line information
- Workers’ compensation information
- Medicare compliance and claims resolution information
The company also provides statistical, actuarial, underwriting, claim information, fraud-identification tools, and technical services for the insurance industry.
ISO helps insurance companies underwrite and determine a consumer’s level of risk as well as managing claims more efficiently and effectively.
The company works with insurance companies, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk managers.
You may have seen the name ISO in your insurance policy but, it’s important to note that ISO is not an insurance company. The company provides data, analytics, and resources to insurance companies.
ISO simply creates the language that many insurance companies use in their policies.