Jersey City, N.J.-based ISO has released the ISO Advanced Rating Tooklit for personal auto, which bundles the ISO Risk Analyzer predictive modeling kit with its Personal Vehicle Manual.
The goal is for insurers to be able to perform more in-depth analysis of their books of business.
"Insurers who currently use the rules and factors available in the ISO Personal Vehicle Manual to develop and enhance their rating programs can now take their pricing refinement efforts to new levels with the predictive capabilities of the ISO Advanced Rating Toolkit," says Kevin Thompson, president of ISO Insurance Programs and Analytic Services, in a statement.
The suite combines the predictive modeling based on location-specific data. environmental indicators, vehicle characteristics and driver history from the Risk Analyzer with the rating tools within the ISO Personal Vehicle Manual, including the Personal Auto Class Plan. Other tools include Liability and PIP/Medical Payments Symbols, increased limits and deductible factors, miscellaneous rating factors, and filed loss costs.
"Adaptability is one of the key features of the tool set," adds David Cummings, senior VP, Personal Lines and Analytics, ISO Insurance Programs and Analytic Services, in a statement. "With access to this comprehensive suite of ISO's sophisticated pricing refinement tools, insurers no longer have to piece together their rating plans. They can create tailor-made rating programs without sacrificing speed to market - a significant advantage in today's competitive environment."