Services that the Insurance Services Office provide include compilation and consolidation of insurance statistics into tabulated reports, development of industry standard policies, and publication of loss cut data, reports About.com. Insurance Services Office also publishes underwriting manuals to assist clients in using its products.Continue Reading
Insurance companies supply the company with data on premiums and loss for general liability, commercial property and other forms of insurance, and Insurance Services Office produces reports that enable insurers to assess the loss trends and profitability of various types of insurance, explains About.com. Insurance Services Office saves insurance companies the effort and cost of writing policies by creating generic policies that insurers can use as-is or further develop to suit their own needs. Because Insurance Services Office policies serve as industry standards, insurance companies highlight areas where their expanded policies deviate from the forms. Although Insurance Services Office previously published premium rates, it focuses on calculating loss costs so that insurers can develop their own rates as of 2015.
The manuals that Insurance Services Office develops and publishes instruct insurance companies, brokers, agents, actuaries and government entities in the implementation of its materials, according to About.com. The manuals contain classification tables, guidelines and instructions on forms and endorsements. Insurance Services Office is a part of the Verisk Insurance Solutions group, points out Verisk Analytics. Although it began as the Insurance Services Office, because its client base has expanded beyond the insurance marketplace, it generally uses the ISO acronym in its communications instead of its full name.Learn more about Insurance