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NEW YORK-The newly for-profit Insurance Services Office Inc. will increase its revenues by 40% by the year 2001, predicts Fred R. Marcon, ISO's chairman, president and chief executive officer.
ISO will increase the revenues from $250 million in 1996 to $350 million in five years by providing new and improved services rather than increasing ISO's fees, he said at the New York-based organization's first meeting of ISO-participating insurers since it became a for-profit entity Jan. 1.
"We will increase revenues by increasing our real value to our customers. We will not achieve revenue growth just by charging you more for what you're already getting," Mr. Marcon said.
Participation fees will remain at 8/100ths of a cent per premium dollar or less for the next five years, he said.
"Revenue growth from new products and services and new markets will be the basis of improving ISO's profitability and value for our shareholders," Mr. Marcon said.
ISO historically has provided core services that include prospective loss costs, policy forms and specific-property information, he said.
New services will include information in addition to pricing and underwriting information across all lines of insurance, including specialty products, Mr. Marcon said.
"On policy forms, you can look to us to go beyond standardized programs by line of business to provide standardized programs for individual classes of risk and individual industries," he said.
As a for-profit entity, ISO will have greater access to capital to help it achieve its goals, he said. "Currently, ISO has no immediate need for capital. But our for-profit structure gives us the flexibility to raise capital through the sale of stock, or to use stock to acquire other firms."
Meanwhile, Dennis H. Chookaszian, chairman and CEO of Chicago-based CNA Insurance Cos., was named to ISO's board. He replaces Gerald A. Isom, president of CIGNA Property & Casualty, who stepped down from the board.