Posted on 15 Sep 2011
Property/casualty insurance analytics provider ISO and Willis Re, the reinsurance broking arm of Willis Group Holdings, the global insurance broker, announced a joint marketing relationship for ISO Risk Analyzer® products in the United States. Effective immediately, Willis Re will offer select clients the opportunity to license ISO Risk Analyzer. ISO is the flagship subsidiary of Verisk Analytics.
ISO Risk Analyzer is a suite of predictive models that help insurers more accurately classify, segment, and price risks. According to Kevin Thompson, senior vice president of ISO, “The models are designed to predict losses at very granular levels of geography, coverage, and peril. The more accurate assessment of risk enables insurers to identify the best performing parts of their business, fine-tune pricing accuracy across their book, and drive growth.”
Alice Underwood, executive vice president and the head of analytics for Willis Re North America, said, “ISO Risk Analyzer products level the playing field; companies of all sizes can realize the power of sophisticated predictive modeling based on ISO’s unparalleled data set.” ISO Risk Analyzer is currently available to support three types of insurance: personal auto, commercial auto, and homeowners.
ISO and Willis Re believe predictive analytics is one of the most important trends reshaping the property/casualty insurance landscape. This business agreement with ISO represents a unique opportunity for Willis Re clients to jump-start their risk assessment efforts with a set of cutting-edge analytics that is ready to implement today.
Bret Shroyer, senior vice president of Willis Re, said, “Companies that want the benefits of predictive analytics will find in ISO Risk Analyzer a product that’s low-risk and immediately available. We’re excited about the opportunity to bring these innovative products to Willis Re clients.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics. For more information, visit www.iso.com and www.verisk.com.
About Willis Re
One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytic capabilities, which it combines with its capital markets and reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms. For more information, visit www.WillisRe.com.
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.