Willis Re, the reinsurance broking arm of Willis Group Holdings, the global insurance broker, today announced the addition of ISO Risk Analyzer Personal Auto Vehicle Module to its existing joint marketing relationship with ISO. Effective immediately, Willis Re will offer select clients the opportunity to license ISO Risk Analyzer Personal Auto Vehicle Module. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics.
ISO Risk Analyzer is a suite of predictive models that help insurers more accurately classify, segment and price risks. The Personal Auto Vehicle Module, the latest addition to the ISO Risk Analyzer suite, is a powerful analytic tool that uses vehicle characteristics to predict collision and comprehensive losses at a highly granular level. The vehicle module represents a significant evolution in the refinement and precision of vehicle symboling and vehicle rating.
Bret Shroyer, Senior Vice President of Willis Re, said, “For decades, ISO has been the industry leader in providing tools that help insurers assess risk in relation to the vehicle being driven. Now ISO has completely revolutionized these tools and is putting even more vehicle segmentation power in the hands of the insurers.”
Willis Re believes predictive analytics will play a pivotal role in ensuring the growth and profitability of insurers in an increasingly competitive environment. This business agreement with ISO aims to facilitate Willis Re clients' efforts to revamp their risk assessment tools in a cost-effective and expeditious manner.
Alice Underwood, Executive Vice President and the head of analytics for Willis Re North America, said, “Insurers exploring their options in predictive analytics should find ISO Risk Analyzer incredibly versatile. The model outputs can be used directly as stand-alone analytics, and the components can also be used as inputs to a customized model. We're delighted to bring these cutting-edge tools to Willis Re clients.”