Insurance Services Office is an advisory and rating company offering underwriting, actuarial data, insurance ratings and analytic services to insurance companies, insurance brokers, regulatory agencies, and risk managers, according to its parent company, Verisk Analytics. It primarily serves the property and casualty insurance industry.Continue Reading
Insurance Services Office claims to maintain one of the largest statistical databases in the world, which contains over 10 billion records about paid insurance claims and premiums collections. It uses the data to provide actuarial services and customized analytics and reports for property and casualty insurers, according to the company. Insurance Services Office provides applicant auto and homeowner insurance loss histories to insurers interested in issuing such policies. The company also provides regulatory compliance and claims resolution services to its customers for Medicare and Worker's Compensation cases.
Insurance Services Office also publishes the Fire Suppression Rating Schedule, an index that reflects the ability of local community fire protection services to respond to the risk of fire, according to Appen Media Group. Insurance Services Office assigns a numerical score, called the Public Protection Classification, to each community after evaluating the strength of its fire department, water supply, emergency communications and safety education efforts. Insurance companies use the score to determine local property owner insurance premiums, according to IsoMitigation.com.Learn more about Insurance