The personal auto vehicle module for physical damage uses vehicle characteristics to predict collision and comprehensive losses at a highly refined level.

The newest module, driver history, is a pricing segmentation tool that helps insurers assess how driver history and driver characteristics affect rating factors.

The ISO Risk Analyzer modules add value to the rating tools within the ISO Personal Vehicle Manual, including the Personal Auto Class Plan, which will be enhanced through filings to be made this year in most states. Other tools include Liability and PIP/Medical Payments Symbols, increased limits and deductible factors, miscellaneous rating factors, and filed loss costs.

The ISO Advanced Rating Toolkit also offers insurers flexibility. Depending on their needs, insurers can use the output from the modules out of the box or as independent variables in their own predictive models.

“Adaptability is one of the key features of the tool set,” says David Cummings, senior vice president, personal lines and analytics, ISO Insurance Programs and Analytic Services. “With access to this comprehensive suite of ISO's sophisticated pricing refinement tools, insurers no longer have to piece together their rating plans. They can create tailor-made rating programs without sacrificing speed to market—a significant advantage in today's competitive environment.”

ISO is currently developing other modules that will be added to the ISO Advanced Rating Toolkit. Insurers who take advantage of the ISO Advanced Rating Toolkit will gain immediate access to future modules under development when they become available.