Magazine article Risk Management


Magazine article Risk Management


Article excerpt

Some of you may have been wondering, as I have, what effect the January 1997 decision by the Insurance Services Office (ISO) to become a for-profit corporation has had on the nature of their operation and the delivery of their services. Since sufficient time has elapsed for at least some impact to be felt, I contacted Domenick Yezzi, vice president for special commercial lines, to discuss what changes have been made, as well as what remains on the agenda.

Mr. Yezzi indicated that ISO has already embarked on a number of initiatives, including:

* Acquiring the American Insurance Services Group (AISG) in 1997, which provides premium audit, fraud, engineering and safety services to the insurance industry

* Becoming manager for the National Insurance Crime Bureau (NICB) Auto database in 1998. They are merging the NICB Auto with AISG's PILR and INDEX databases to form the single largest claims payment and fraud-fighting database in the world

* Introducing its first line of business in 20 years--Employment Related Practices Liability--in 1998. The program provides forms, rules and loss costs for this emerging liability market and attempts to set an industry standard for coverage

* Acquiring Insurance Data Resources, Inc. in late 1998, which provides workers' compensation services in 27 states, including policy forms, manuals, statistical support, experience modifications and consulting

* Frank Coyne joining ISO as president and chief operating officer, effective February 1, 1999. Mr. Coyne came from Kemper Insurance Companies, where he served as executive vice president, specialty and risk management groups. (Fred Marcon has remained with ISO as chairman and chief executive officer)

With all these rapid-fire changes, what plans does ISO have for the near future?

The organization will be expanding ISOnet--the Internet delivery platform for its core products and services, currently available solely to its insurer customers. In 1999 agents and others in the industry will be able to access ISOnet. Policy forms and manuals will be the initial offerings, with additional services planned for the next several years. ISO is committed to providing all of its products and services in an electronic format for easy integration into customers' business operations. …

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