Jersey City, NJ, May 27, 2020 New Liability symbols in ISO Risk Analyzer® Commercial Auto harnesses the power of machine learning and the industry’s largest experience database to deliver unmatched pricing intelligence.
Verisk (Nasdaq: VRSK), a leading data analytics provider, is adding Liability symbols to ISO Risk Analyzer® Commercial Auto to help insurers improve loss ratios and properly price their commercial auto risks.
“In an era of unprecedented economic distress and business closures, insurers writing commercial auto need to work harder than ever to ensure they’re appropriately pricing and retaining their good risks while controlling loss ratios,” said Elliot Burn, Vice President & Head of Actuarial and Data Products, ISO Commercial Lines at Verisk.
“Using the new Liability symbols in ISO Risk Analyzer Commercial Auto can help decrease an insurer’s loss ratios through the combined power of Verisk’s unrivaled loss costs data and machine learning capabilities.”
Building off the success of ISO Risk Analyzer® Personal Auto, Risk Analyzer Commercial Auto contains 61 uniquely defined Liability symbols and their associated rating relativities to aid in insurer pricing decisions. Derived from a machine learning model, the symbols carefully address the diverse set of vehicles within commercial auto, from passenger cars to extra heavy truck-tractors. Simply by punching in a VIN, Risk Analyzer Commercial Auto returns a VIN-specific loss cost refinement informed by vehicle size, shape, engine, safety features, and performance, which can be used alongside more traditional rating factors.
In addition to Liability symbols, Risk Analyzer Commercial Auto offers a Physical Damage symbols module to return vehicle-level rating factors on Collision and Other Than Collision loss exposures. An Environmental module provides granular territorial refinement based on a multitude of environmental hazards such as regional traffic generators and traffic composition, weather, terrain, loss experience, and state frequency and severity trends.
Using Risk Analyzer Commercial Auto, insurers can better identify the sought-after risks and refine their pricing as well as the sometimes-significant portion of their book that they may be underpricing.
To learn more about how Risk Analyzer Commercial Auto can help refine your risk pricing, please visit: https://www.verisk.com/raca
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.