Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of

statistical Statistics (from German: '' Statistik'', "description of a state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industr ...

, actuarial,

underwriting Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liabili ...

, and claims information and

analytics Analytics is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns toward effective decision-making. It ...

; compliance and

fraud In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compen ...

identification tools;

policy Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an orga ...

language; information about specific locations; and technical services. ISO serves

insurers Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

, reinsurers, agents and

brokers A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...

, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace.About ISO
Verisk Analytics. Accessed September 1, 2015. Headquartered in

Jersey City, New Jersey Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark.United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

, the organization serves clients with offices throughout the United States, along with international operations offices in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

and

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

Overview

ISO was formed in 1971 as an advisory and rating organization for the property/casualty insurance industry to provide statistical and actuarial services, to develop insurance programs, and to assist insurance companies in meeting state regulatory requirements. It became a wholly owned subsidiary of Verisk Analytics in October 2009. ISO provides a number of risk-related services to its clients: *

Fire Fire is the rapid oxidation of a material (the fuel) in the exothermic chemical process of combustion, releasing heat, light, and various reaction products. At a certain point in the combustion reaction, called the ignition point, flames ...

and

building code A building code (also building control or building regulations) is a set of rules that specify the standards for constructed objects such as buildings and non-building structures. Buildings must conform to the code to obtain planning permissi ...

information *Insurance lines services ** Including standardized text for insurance forms *Collecting the data *Insurance products for agents *

Workers' compensation Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...

* Medicare compliance and claims resolution services 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.Information from the ISO Database
Verisk Analytics. Accessed September 1, 2015. "ISO maintains one of the largest private databases in the world. Each year, we collect some 2 billion detailed records of insurance premiums collected and losses paid." ISO employs many members of the

Casualty Actuarial Society The Casualty Actuarial Society (CAS) is a professional society of actuaries specializing in property and casualty insurance. The two levels of CAS membership are Associate (ACAS) and Fellow (FCAS). Requirements for these levels of membership inc ...

and other insurance professionals to develop its risk-related products and services.

References

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External links

ISO website
Actuarial firms Financial services companies established in 1971 Companies based in Jersey City, New Jersey Financial services companies based in New Jersey