Growing insurance database features access to advanced insurance analytics and more efficient ways to contribute data
A record number of insurers are gaining access to analytics that are critical to their operations by joining the growing and increasingly diverse roster of insurers contributing premium and loss records to Verisk (Nasdaq:VRSK), a leading global data analytics provider.
Last year 29 insurers decided to contribute to Verisk’s ISO Statistical Database, which contains aggregated data from across the industry. This was the highest number of new participants in a single year over the last 10 years.
“We all benefit as an industry when we collectively contribute data,” said Shane Paltzer, vice president of marketing and personal lines at Acuity Insurance, one of the 29 new contributing companies. “Loss costs and benchmarks derived from a diverse and robust dataset give us more certainty and predictability. The additional insights and analytics allow us to differentiate ourselves and maintain our competitive edge.”
The growth of the database, which now features more than 23 billion statistical records, has continued to increase the value of derived analytics like the ISO Loss Costs and improve the ability of participating insurers to benchmark their experience against the industry. Access to this data and analytics can increase insurers’ actuarial credibility, lower their rate volatility and significantly improve their pricing accuracy.
“The strong growth in new contributors – from InsurTech startups to multi-state carriers – demonstrates how valuable the ISO Statistical Database is as a collective platform to power future innovations in insurance data and analytics,” said ISO President Neil Spector. “As the insurance industry evolves to serve new markets and embraces new technologies, we’re working to help ensure our data processes are responsive to the industry’s needs.”
For 50 years, ISO has been a trusted provider of data management, reporting and analytics for insurers. Focused on innovations that will spur the next 50 years of insurance innovations, ISO has introduced several enhancements to its statistical services, making it more efficient for insurers to contribute, access and analyze data. These enhancements include more flexible data contribution formats, automated quality controls to help insurers review and correct their data submissions as well as access to more advanced and customized analytics.
Source: Verisk Analytics