- Insurance Services Office
Insurance Services Office, Inc. (ISO) is a provider of
data, underwriting, risk managementand legal/ regulatoryservices to property-casualty insurers and other clients. Headquartered in Jersey City, New Jersey, the organization serves clients with offices throughout the United States, along with international operations offices in the United Kingdom, Israel, Germany, Indiaand China.
Founded in 1971 in a
mergerof smaller underwriting service organizations, ISO has developed enormous databasesof information about hundreds of millions of individual insurance policies, along with a large volume of public records pertaining to fraud, real property, employment screening, and motor vehicles. ISO also monitors regulatory standards and insurance laws, and makes many filings and other communications with regulatory authorities on behalf of its clients.
ISO became a private, for-profit company in 1997. It is owned by its member insurers and employees, and it does not publish detailed
financial statements. In the fiscal year ended December, 2006 ISO's revenues were reportedly over $736 million. The organization employs 2,800 people worldwide, and the current chairman, president and CEOis Frank J. Coyne.
ISO provides a number of risk-related services to its clients:
statistical, actuarial, and claims data
*development of standardized insurance policy language
*risk-management information about specific locations
marketing, loss control, and premium audit
*rating and underwriting rules
*motor vehicle records
litigationand regulatory support
*mortgage fraud analytics
*healthcare cost analytics
*restoration and remodeling-estimation services and software
ISO's databases contain more than 11 billion detailed records relating to insurance and risk management, which form the basis for its information services. ISO employs many members of the
Casualty Actuarial Societyand other insurance professionals to develop its risk-related products and services.
* [http://www.iso.com/ ISO website]
* [http://www.computerwire.com/companies/company/?pid=3A8D8D2D-B0A0-4ABB-9929-5AF362835A4C Datamonitor summary report on ISO]
* [http://biz.yahoo.com/ic/59/59977.html Yahoo-Finance page on ISO]
* [http://www.bloginsurance.info Insurance News & Articles]
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