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ISO Analytics Tool Measures Geographic Personal Auto Risks

Staff Writer | October 09, 2014

ISO announces the release of its ISO Risk Analyzer Personal Auto Environmental Module, a predictive analytics tool insurers can use to improve territory rating of their personal auto business.

"With the availability of new and updated data sources, we've been able to add new variables, refresh and renew our data sets, and refine our methodology accordingly," says David Cummings, senior vice president, ISO Insurance Programs and Analytic Services. "This enhanced environmental module builds on the strengths of ISO Risk Analyzer, offering insurers even more accuracy in classifying, segmenting, and pricing auto risks to improve their positioning in the marketplace."

 The environmental module analyzes the interactive effects of hundreds of variables in the area surrounding a vehicle's garaging address and provides output for a number of components that reflect the risk factors. The module helps predict expected losses for risks at the policy level by major coverage. The enhanced version incorporates new variables, such as extreme weather information, average daily traffic volume, road classifications, and elevation variation, to provide insurers with more accuracy in determining a risk's loss potential.

 "Our customers tell us they find significant value in the more granular information, for example, when evaluating their territory pricing, establishing rating factors, and assessing risks as part of the underwriting process. They're also using the solution in their own predictive modeling efforts, including projects that involve consultants," adds Cummings. "With these improvements, the module has evolved to produce even stronger predictive results."

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