Talk:Insurance Services Office

Requested edits: updates to public info
INTRODUCTORY SECTION: FIRST PARAGRAPH, FIRST SENTENCE REVISE: “a provider of data, underwriting, risk management and legal/regulatory services (with special focus on community fire-protection efforts and Building Code Effectiveness Evaluation) to property-casualty insurers and other clients” UPDATE AS: “a provider of 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.” SOURCE http://www.iso.com/About-ISO/Overview/About-ISO.html

OVERVIEW SECTION: FIRST SENTENCE REVISE: “Founded in 1971 in a merger of smaller underwriting service organizations, ISO has developed enormous databases of information about hundreds of millions of individual insurance policies, along with a large volume of public records pertaining to fraud, real property, employment screening, and motor vehicles. ISO also monitors regulatory standards and insurance laws, and makes many filings and other communications with regulatory authorities on behalf of its clients” UPDATE AS: “ISO was formed in 1971 as an advisory and rating organization for the P&C insurance industry to provide statistical and actuarial services, to develop insurance programs, and to assist insurance companies in meeting state regulatory requirements.” SOURCE: Verisk Form 10-Q http://investor.verisk.com/phoenix.zhtml?c=224676&p=irol-secText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTk3MjAyOTUmRFNFUT0xJlNFUT0mU1FERVNDPVNFQ1RJT05fQk9EWSZleHA9JnN1YnNpZD01Nw%3d%3d

OVERVIEW SECTION: SECOND PARAGRAPH, SECOND SENTENCE The following is factually inaccurate: “It is owned by its member insurers and employees, and it does not publish detailed financial statements. In the fiscal year ended December, 2008 ISO's revenues were reportedly over $893.6 million. The organization employs 3,500 people worldwide, and the current[when?] chairman, president and CEO is Scott G. Stephenson.” REVISE: to reflect that ISO is a subsidiary of Verisk Analytics. Note that ISO is NOT owned by its member insurers and employees. It is a subsidiary of Verisk Analytics. SOURCE http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjI4MDU1fENoaWxkSUQ9LTF8VHlwZT0z&t=1

OVERVIEW SECTION: SECOND PARAGRAPH On May 23, 2008, in contemplation of our initial public offering, or IPO, ISO formed Verisk Analytics, Inc., or Verisk, a Delaware corporation, to be the holding company for our business. Verisk was initially formed as a wholly-owned subsidiary of ISO. On October 6, 2009, in connection with our IPO, the Company effected a reorganization whereby ISO became a wholly-owned subsidiary of Verisk. Verisk Class A common stock began trading on the NASDAQ Global Select Market on October 7, 2009 under the symbol “VRSK.” REMOVE: reference to revenues. ISO is part of Verisk Analytics. All revenue information should be on the Verisk page, not on the ISO page. REMOVE: that Scott Stephenson is chairman, president and CEO. Scott is President and CEO of Verisk Analytics, not ISO. REMOVE: number of employees and REVISE with information about ISO’s professional staff SOURCE http://www.iso.com/About-ISO/ISO-Services-for-Property-Casualty-Insurance/ISO-s-Professional-Staff.html

SERVICES SECTION UPDATE: to reflect current services REMOVE: mortgage SOURCE http://www.verisk.com/iso-home/about-iso/iso-services-for-property-casualty-insurance/what-is-property-casualty-insurance.html

SERVICES SECTION: FINAL SENTENCES 11 billion records citation The databases are much more robust than 11 billion. Each year, insurers send ISO more than 2 billion detailed records of insurance premiums collected and losses paid. At any one time, ISO computers store more than 17.3 billion records (SOURCE TO BACK UP CLAIM 17.3 BILLION: http://www.verisk.com/capabilities/data-and-statistical-services.html). SOURCE http://www.verisk.com/iso-data-and-statistical-services.html