The new Commercial Auto Symbols solution is derived from industry loss data and enables insurers to look beyond the make, model, and year of vehicles and incorporate specific characteristics—including the type of engine, cabin, and axles—into their risk evaluation and pricing. In recent years, commercial auto insurers have struggled with underwriting losses and a number of challenges, including a shortage of experienced truck drivers, higher repair bills, and rising medical costs.
“With commercial auto losses outpacing premiums each year, many insurers are searching for new ways to achieve or maintain profitability,” said Maroun Mourad, president of ISO Commercial Lines. “Our new ISO Risk Analyzer Commercial Auto Symbols provide more than 100 unique rating groups, which will allow carriers to better understand the exposures they face.”
ISO Risk Analyzer Commercial Auto Symbols is part of the ISO Risk Analyzer suite of predictive analytics solutions, which also includes models for personal auto, homeowners, and businessowners insurance. For more information on the ISO Risk Analyzer suite, visit www.verisk.com/riskanalyzer.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, please visit www.verisk.com/iso.
Giuseppe Barone/Erin Bzymek
MWWPR (for ISO)