So, you’re familiar with the nature of ISO, but what it actually does might still be a bit hazy.
#ISO MEANING ISO#
Plus, in 2009, ISO became a wholly owned subsidiary of Verisk Analytics.Īs a result of this steady expansion and evolution, Insurance Service Office gradually refreshed its brand and began referring to itself primarily as ISO in external communications. It now offers risk analytics and mitigation in diverse markets far beyond the ones it started with. Over the years, ISO has expanded its services far beyond its initial marketplace. Most pertinent for insurance companies, these services encompassed underwriting analytics, actuarial information, and policy language. With this combined data, ISO began to offer analytics services. It formed as a result of a merger of the databases of several companies. was founded in 1971 as solely a property/casualty insurance marketplace. Insurance Services Office, Inc.: Some Background Be sure to note though, ISO is not an insurance company it is simply a service for many insurance companies. This copyright can often throw people off and lead them to assume that they’re insured by ISO. As a result, you might see their copyright on your Certificate of Insurance. ISO also provides their services to reinsurers, third-party insurance administrators, agents, brokers, regulators, and risk managers.īasically, ISO extracts information from a massive database to develop language and evaluations that help insurers and other insurance businesses write policies. ISO helps insurers determine risk using “unique data assets and deep domain expertise” so that they can accurately price policies. In the insurance world, ISO stands for Insurance Services Office, Inc., a business that is the leading global provider of insurance tools and analytics. Here is your guide to understanding all the ins and outs of ISO in insurance. So that you can better understand what ISO means in the insurance industry beyond this basic definition, we’ve compiled all there is to know on the topic. In the insurance world, ISO doesn’t stand for “isolation,” “in search of,” or even “independent sales organization.” It refers to Insurance Services Office, Inc., a huge, overarching information services company that provides risk management and policy language-among many, many other services-to insurers. ISO is an overused acronym with a lot of different meanings depending on the context.