ISO, a P&C insurance risk information company, has released Rapid Valuator, a pricing tool that helps insurers analyze their loss costs for commercial property accounts in the excess and surplus lines market. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics.
Rapid Valuator uses ISO's online portal and can perform a detailed loss cost analysis for an insurer's multiple individual exposures in five minutes or less. The results are included in the insurer's systems and workflow for final pricing. In addition to analyzing individual account and market opportunities, the tool can generate renewal price monitors and premium allocations for multiple locations.
Users can take advantage of excess layering opportunities, with links to information from more than 3 million occurrences underlying PSOLD, ISO's Commercial Property Size-of-Loss Database. Insurers looking to maximize their opportunities in international markets can adapt the loss cost results, using COPE (Construction, Occupancy, Protection and Exposure) adjustments that ISO has developed for many countries in the excess insurance market.
The excess and surplus market has been riskier and more instinctive for insurers, as they try to price competitive policies for niche risks with limited historical data, the company said. And the ISO Rapid Valuator can help insurers make more informed pricing decisions with speed and ease, balancing a solid foundation of industry data with experience and insight.
