Willis Re, the reinsurance broking arm of Willis Group, and property/casualty insurance analytics provider ISO, have entered into joint marketing relationship for ISO Risk Analyzer products in the US.
Effective immediately, Willis Re will offer select clients the opportunity to license ISO Risk Analyzer, a flagship subsidiary of Verisk Analytics, currently available to support three types of insurance: personal auto, commercial auto, and homeowners.
ISO Risk Analyzer is a suite of predictive models that help insurers more accurately classify, segment, and price risks.
ISO and Willis Re believe predictive analytics is one of the most important trends reshaping the property/casualty insurance landscape.
ISO senior vice president Kevin Thompson said the models are designed to predict losses at very granular levels of geography, coverage, and peril.
"The more accurate assessment of risk enables insurers to identify the best performing parts of their business, fine-tune pricing accuracy across their book, and drive growth," Thompson said.
Willis Re North America executive vice president and the head of analytics Alice Underwood said ISO Risk Analyzer products level the playing field; companies of all sizes can realize the power of sophisticated predictive modeling based on ISO’s unparalleled data set.