Jersey City, N.J.-based Insurance Services Office Inc. on Wednesday unveiled ISO Rapid Valuator, a new pricing tool for commercial excess and surplus insurance underwriters.
The tool enables users to perform a detailed loss cost analysis for multiple individual exposures in five minutes or less, the company said in a statement. Accessible through an online portal, the tool is intended for underwriters in the E&S market.
“The E&S market has long been riskier and more instinctive for insurers as they try to price competitive policies for niche risks with limited historical data,” John Buchanan, principal of Excess and Reinsurance at ISO, said in a statement. “The ISO Rapid Valuator can help you make more informed pricing decisions with speed and ease, balancing a solid foundation of industry data with your own experience and insight.”
ISO Rapid Valuator is highly customizable and enables users to access ISO's Commercial Property Size-of-Loss Database, which contains information on more than 3 million insurance loss occurrences, the company said in the statement.