ISO announced a strategic alliance with IDP, Inc., a SaaS provider for the property/casualty insurance industry, that expands the ISO Preferred Data Partnership - a new program in which ISO collects and refines raw policy data directly from insurers and submits reports on their behalf to regulators across the United States. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
As part of the ISO Preferred Data Partnership program, insurers will be able to provide native transactional data on premiums and losses directly to ISO. ISO, with IDP, will then convert the data into usable information and submit statistical and regulatory reports on insurers' behalf for both basic reporting requirements and special data calls.
"Reporting data to statistical agents for use in regulatory reporting and analytics can be a major challenge for insurers. And it can be even harder to keep up with the reporting changes required by the various states or data collection organizations," said Joseph Izzo, senior vice president of ISO Operations. "We look forward to working with IDP in its mission to help carriers improve their operations and redeploy resources by managing the company's data from collection through submission and helping meet their reporting needs."
"IDP is thrilled to work with ISO and provide insurers with the decades of experience and expertise that IDP has in bureau reporting and that ISO has as the premier statistical agent for the P&C marketplace," said Steven Craig, senior vice president, IDP. "Together we will deliver best-of-breed processes, insight, and discipline to an essential function for carriers, regardless of their size. Enhanced service offerings and the strength of our new alliance will be welcomed by carriers as a new and inventive means of greatly improving the overall process and results."