ISO releases next generation ISO Risk Analyzer Personal Auto Environment
ISO has released the next generation of it’s ISO Risk Analyzer Personal Auto Environment Model. This new predictive analytic tool can be used by insurers to improve the territory rating of their personal auto business.
The new update includes added variables, refreshed and renewed data sets, and a refined methodology. It now incorporates extreme weather information, road classifications, average daily traffic volume, and elevation variation. It builds on the strengths of the original ISO Risk Analyzer and offers insurers additional accuracy in segmenting, classify and pricing vehicle risks in order to improve their positioning in the marketplace.
The tool analyzes how hundreds of variables in the area surrounding a vehicles address interact and provides output for the components reflecting risk factors. The model is so useful because it helps insurers predict the expected losses for risks at the policy level for major coverage.
The ISO Risk Analyzer Personal Auto analytics suite has a driver history module, an environmental module, and vehicle modules for liability and physical damage. The improvements have allowed the module to output even more accurate predictive results. Click here to learn more about auto insurance and how the ISO Risk Analyzer Personal Auto Environment Module is affecting the insurance industry.