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Verisk - Coggle Diagram
Verisk
Actuarial - Commercial
ISO Analyst's Summary Package :red_cross:
industry financial results (financial & UW data)
Circulars on ISOnet
InsuranceConsulting :red_cross:
ISO Market Landscape :red_cross:
(tableau dashboard industry + estimated ISO data)
ISO MarketWatch :red_cross:
FlatCat (PCS) :black_flag:
data delivery: weather and catastrophe data, incident
ISO Rapid Valuator :red_cross:
pricing tool, estimate customized loss cost results
ISO risk analyzer - business owners policy (BOP) pricing :red_cross:
ISO risk analyzer - commercial auto pricing :red_cross:
ISO size-of-loss matrix: industry level :red_cross:
MILD: multi-distributional increased limits developer :black_flag:
exposure rating model, for general liability, commercial auto, medical malpractice lines
generate own increased limits factors
fit distributions to loss level, weights, empirical cumulative distribution function
lognormal, Pareto, Weibull distributions
fitted distributions vs. ISO distribution comparison
sensitivity analyses to see how treaty response to ALAE (allocated loss adjustment expenses)
how ALAE varies with size of loss by LOB
Query Commercial Classification Code QC3 :black_flag:
Tool: find correct commercial classification code for workers compensation or general liability in a specific jurisdiction or in reference to a North American Industry Classification System (NAICS) or standard Industry Classification (SIC) code.; available through ISOnet; PAAS: ISO's premium audit advisory service: is the source of technical information and training for premium auditors: help properly classify exposures for commercial casualty insurance (general liability, commercial auto, worker's compensation)
Actuarial - Personal
Circulars on ISOnet :red_cross:
industry development intelligence; verisk activites; ISO filing
Inflection (Credit) :black_flag:
"steward of 1bb monthly credit account update"
"complete PII on 220+ mm consumers"; "expert in regulatory, legislative and judicial matters"
"actionable insight"; "advanced data-loading and matching algorithm"
Insurance Consulting :red_cross:
"strategical consulting", "actuarial assistance"
ISO Risk Analyzer Homeowner :black_flag:
Data
building characteristic data; replacement cost estimator
Environmental / By-peril Rating
ISO Risk Analyzer Personal Auto :black_flag:
Symbol
Environmental Module :black_flag:
traffic generators
(transportation hub, shopping center, business, medical center);
traffic composition
(#veh/hh, avg dr age, veh usage);
traffic density / driving pattern
(commuting, public transportation, speed limit, traffic loads, road classification); weather / terrain: precipitation / temperature / extreme weather / elevation change; ISO lost costs / freq or sev change
Driver History (just a bunch of interactions): age/gender/marital interaction with viol/claim or other driving history, by coverage
ISO Symbol :black_flag:
Symbol Rating solution by coverage; customizable rating rel to fit needs
Multiple delivery options, VINMASTER, ISOnet
PSOLD :black_flag:
Commercial property CLUE
Large AOI (60 AOI bands): amount of insurance: basic building blocks of whats insured, technologies used, TIV (total AOI or total policy limit), PML (probabe maximum loss, direct loss (total values measuable) + indirect loss (estimated i.e. business incom, but no definitive measure of the period of restoration POR following the worse case, business closing loss), may be larger than AOI or TIV)
Big size of loss database
data coverage (50+ states); occupancy groups - the use of building / structures (38)
Pricing analysis (segmentation tailored to risk; excess of loss reinsurance; ISO Rapid Valuator for rapid analysis; customization)
TrueVIN (2019 Dec) :black_flag:
Full VIN
beyond basic info from decoding VIN: year, make, model, engine, drive train, # doors
additional: trim level, theft prevention system, ADAS(advanced driver assistance systems), optional equipment, MSRP, equipment with high replacement cost
Current 17 VIN:
1-3: WMI world manufacture identifier
4-8: VDS vehicle descriptor section
9: check digit
10: model year
11: assembly plant
12-17: vehicle specific serial number
Catalog Data
close to actual build level of vehicle if certain equipment / trim info is known
what equipment is standard; what can be changed / upgraded or not; if equipment available via options
data is available before vehicles are manufactured
normalized cross brand metadata, attributes of vehicle features, OEM. (different brand, different name used in marketing vs catalog may be different --> normalized)
build data & no build data to confirm if it is on the VIN
Build Sheet Data
Collection of manufacturing codes that an OEM assigns to a specific VIN when the vehicle is manufactured.
Vehicle autonomy & automation
Data and Statistical Services
Different Routine Data Partnership and Data Service :red_cross:
Reverse phone append: :black_flag:
provide basic applicant
information with just a phone number.
streamline insurance application workflow
productivity / customer service or experience improvement
get up to date info quickly at reasonable price
ProMetrix: commercial property data order :black_flag:
google map based, photo (aerial imagery, street level data), property details, characteristics of building, uw, weather (wind), location, loss cost peril, incident, and other risk level data; sprinkler assessment report
PPC: 1-10 classes based on emergency communications; fire department; water supply, fire prevention; public fire safety education program
Wildfire: post-CAT imagery; book impact assessment, loss data
IoT (internet of things): telematics
Commercial / Personal Line
Embedded / hardwired / OBD-II / Smartphone and tethered / Camera connected vehicles; TSP (telematics service provider)
Normalized data & predictive analytics
Driving score; GPS / Telematics reporting / model-ready data
Verified Mileage
Driver Feedback / Behavior enhancement
Instant Telematics Analysis
Discount Alert
Roof UW report; commercial property; aerial imagery,
Claims Info and Services :<3:
ISO Claim Partner + acquired Franco Signor
workers compensation, liability
comprehensive suite of fully integrated Medicare compliance solutions and the nation’s top Medicare experts
:<3: -- WCNavigator: identify best couse of action for each claim by providing severity scoring, with score drivers and pharmacy alerts; first notice of loss through claim closure
-- yield an ROI of 35:1; Identify xx% of high severity loss at FNOL and yy% of high severity of loss within yy days
Liability Navigator: claim settlement assistant; liability assessment; subrogation recovery on liability claim
-- customers report improvements in the application of comparative liability xx% to yy%
Premonition: develop winning negotiation strategy based on legal analytics
-- captures more than 500k cases a day and holds 87% of all cases filed in the US
MSP Navigator: medicare secondary payer
with rising workload and ever changing regulatory landscape, claims compliance is often best outsourced to a trustworthy partner; insurer face $1000 a day fine if compliance requirements are not met
Section 111 Audit: of MMSEA act, add mandatory reporting requirement with respect to medicare beneficiaris who have cov underage GHP arrangements...; report help identify any deficiency in your process
CP link: integrate section 111 reporting and medicare conditional payments, automate the conditional payments compliance process with flat fee for the life of a claim; saves approx 1500 hours in administrative file-handling and referral time
Lien Service: investigating / consulting / compliance services; reduce medicare demands for reimbursement of conditional payment.; dispute payments; etc.....
Medicare Allocation Service
EDI (electonic data interchange) reporting: ingest workers compensation claims and medical data
ISO ClaimAlert: Foreclosure
report foreclosure activity on the properties users report to ISO ClaimSearch
6 phases of foreclosure: :black_flag:
Payment Default: when borrower missed 1+ mortgage payments; after 2 payments missed, demand letter will sent from lender; borrow will need to remit the late payment within 30 days of receiving the letter
Notice of Default (NOD): sent after 90 days of missed payments. in some states, this notice is placed prominently on the home. usually another 90 days will be given to settle the payment and reinstate the loan. "reinstatement period"
Notice of Trustee's Sale: after phase 2, notice of trustee sale will be recorded in the county where the property is located; lender must publish a notice in local newspaper for 3 weeks indicating property will be available for auction.
Trustee's Sale: property is placed for public auction and will be awarded to the highest bidder; lender will calculate an opening bid based on the value of outstanding loan, any liens, unpaid tax, costs tied to the sale.
Real Estate Owned (REO): if property is not sold during public auction, lender will become owner and attempt to sell property through broker with the assistant of REO asset manager --> "bank owned" property
Eviction: borrow can stay in the home until it's sold through public auction or as an REO property. Eviction notice is sent demanding that any persons vacate the premises immediately
ISO Claim Search :<3:
largest database of property / casualty claims + :<3:claim intelligence platform
serve adjuster's effort: check claims against
multiple pols on the same vehicles
prior SIU involvement
several address or the same ind.
SSN used for 1+ person
other insurance claims fraud indicators
80% claim entered into ISO Claim Search have returned match
; create dashboard, include list of specific alerts & timeline of matching claims with loss type+ if claims can be fast tracked: red alerts (with or without additional match, slow down) + yellow matches but no alerts (quick review or depending on matching claims found)+ green neither matches nor alerts (green consider fast tracking)
Uncover fraud / improve efficiency for life insurance claims: addressing scenarios:
detect POS misrepresentation at the point of claim; identify claims filed by insured after death claim; find missing beneficiaries; automatically check and report claims for potential fraud, child support liens and OFAC (office of foreign assets control)
claims solutions:
gather additional claim info
claim scoring for instant triaging and fraud detection
compliance: meet reporting obligations
detect provider billing fraud
claim link analysis for fraud ring identification: fraud rings: a group of people actively collaborating to commit identity fraud, "criminal professionals"
deliver adverse carrier and 3rd party policy detail close to FNOL
Marine Index Bureau (MIB): fight fraud in maritime injury claims, based on MIB databases
Estimating Software for Building and Repair
ClaimXperience: claims handling platform; connect to policyholder; claim management; video collaboration (remote)
ContentsTrack: track inventory (automate catalog, categorizing etc.) ; estimate cleaning costs, replacement cost, purchase items through Xactware's array of merchant partners --> efficiency, labor cost saving
Pricing Data Service: facilitate reconstruction process
Catastrophe and Weather-Risk
Actuarial and Strategic Data Insights :red_cross:
Loss and Premium Trend: estimate future cost; how inflation and other factors affect cost levels and whether claim freq is rising/falling
loss development: evaluate reserve adequacy, cash flow, investment income
classification / territory
reinsurance: measure cost associated with higher coverage limits, reinsurance need, develop offerings, negotiate prices
catastrophe: financial risk from catastrophe events
size of loss - loss size trends over time and relationship of ALAE to loss severity
cause of loss: by peril evaluation
Expense, uw expense against aggregate results to gauge productivity and and efficiency
Fast Track: Fast Track Monitoring System
Catastrophe Loss Index | PCS (property claim service) :red_cross:
Financial / Investment related: used as trigger s in many traded financial-market instruments, including exchange traded futures and options, catastrophe bonds, swaps, ILW industry loss warranties and other catastrophe derivative instruments; offers the insurance-linked securities need to make decisions with capital
Flood Insurance :black_flag:
Size the market; owner occupied residential locations
FEMA (federal emergency management agency) 100 year flood maps cover territory inhabited by 13 mm people
41 mm people are estimated to live in areas of elevated risk
NFIP: national flood insurance program
Top flood premium potential states: CA, FL, NY, TX, LA (>=2BB);
NY: NY, Erie, Nassau, Kings (Brooklyn), Westchester
CA: LA, Orange, Alameda, Santa Clara, Riverside
FL: south east to south west
TX: Houston, Dallas, Austin area
LA: Jefferson, Orleans
Top metropolitan areas: NYC, LA, Miami, Houston, New Orleans
Properties most exposed to damaging flood: WaterLine - Verisk flood hazard scoring tool (river flooding, surface water, storm surge); FloodAssist - Building Code Effectiveness Classifications (distinguish between community with strong / weak code enforement)
Probabilistic modeling: AIR flood.
Xactimate: flood estimation feature.
Compliance Info: 合规信息
CV-ALIR (automobile liability insurance reporting): help carriers keep meeting ALIR requirements state by state; satisfy carrier's statutory obligation to report automobile coverage to DMV
CV-Exchange: bring order and efficiency to lienholder and interested party notification, return mail, escrow invoices process