Actuarial, underwriting and claims statistical analytics provider, ISO, has announced the launch of a new platform, ISO RiskElements, that aims to help companies develop their own predictive analytics capabilities.
The new service aims to provide clients such as insurance and reinsurance firms with high-quality, model-ready data as a means of building their own predictive analytics, by utilising ISO’s comprehensive tool set.
“ISO RiskElements is a one-stop data shop, a place that companies of all sizes can turn to for their modelling data needs. It’s part of our ongoing commitment to provide insurers with the tools required to analyse risk,” explained Beth Fitzgerald, President of ISO Insurance Programs and Analytic Services.
The RiskElements service enables its users access to the same data ISO calls on for its own analytics research, including ISO aggregate data, public data and data from certain third-party data sources.
By using its data-sets ISO, a Verisk Analytics business unit, advises that insurers, and therefore reinsurers, brokers, insurance-linked securities (ILS) and other risk financing vehicles/companies, will be better equipped to spot potential growth or loss trends within its business lines.
This ranges from marketing, actuarial and claims, underwriting and product development and, by making the most of ISO’s expertise companies can reduce data preparation time, ultimately leading to a reduction in costs.
“ISO’s actuarial data helps the insurer identify and understand the cause of loss trends. But by adding market research and demographics data into the model, the insurer’s analysis can identify emerging risks in the population and determine new coverages to offer those markets,” notes ISO.
The final point made here is particularly relevant in today’s softening, competitive and increasingly challenging re/insurance market, as innovation and discipline are seen as vital to surviving the turmoil.
Having the ability and foresight to spot a loss trend as early as possible is key in mitigating potential costs and, having the vision and tools to spot new, innovative coverage opportunities will give inaurance and reinsurance companies a welcomed competitive edge.
“In recent years, our customers have told us they want to develop predictive analytics but don’t have the time to search for meaningful data and prepare it for modelling,” advised Fitzgerald. But by using the ISO RiskElements platform clients can access a broad scope of modelling data from a single source, reducing time and increasing efficiency and productivity.
Phil Hatfield, Head of modelling data services for ISO Insurance Programs and Analytics Services, commented; “In today’s complex and fragmented world of big data, insurers are looking to increase innovation and speed in predictive analytics.
“Whether you’re looking to reach new markets or develop new coverages, ISO RiskElements provides the high-quality data you need to generate new insights and hone your business strategy.”
Any tool that can improve productivity while reducing costs is hugely beneficial to any company, and as re/insurers continue to look for ways to hedge the impact of ample capacity and pricing pressures, a cheaper, quicker predictive analytics tool will likely prove invaluable.