In announcing two moves, ISO, a Verisk Insurance Solutions group member, has launched the ISO Risk Analyzer Businessowners Environmental Module and made available an improved version of the ISO Risk Analyzer Commercial Auto Environmental Module.
Both analytic tools are designed to improve accuracy in developing appropriate premiums for insured risks. ISO noted in the announcement that he environmental modules use ISO's data resources and a comprehensive set of third-party, location-specific data, and that the prover's goal for the product is to improve the accuracy rating plans and better understand loss exposure at levels of geography, such as ZIP code or census block group.
The environmental module of ISO Risk Analyzer Businessowners is designed to provide loss costs on a by-peril basis e.g. fire and lightning, non-hurricane wind and hail, theft and vandalism, water and other property perils, and liability. ISO also noted that the module is designed to incorporate the effects of relationships among different geographic data elements, such as weather and local concentrations of businesses.
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