ISO Buys Motor Vehicle Data Firm
NU Online News Service, March 13, 11:36 a.m. EST?Insurance Services Office based in Jersey City, N.J. announced today that it has acquired a Texas motor vehicle data provider. The cost was not disclosed.
ISO said it had taken over Insurance Information Exchange of College Station, Texas from AMS Holding Group, with the aim of bolstering its underwriting product.
Data from iiX is used by insurance companies and agents during risk assessment, rating and underwriting process for issuing personal auto policies, ISO said.
According to ISO, iiX pioneered in selling information products to the independent agency marketplace.
The information from iiX's Motor Vehicle Report is used in close association with the Automobile-Property Loss Underwriting Service that ISO provides giving underwriters five years of auto and property loss-history information.
Frank J. Coyne, ISO's president and chief executive officer, said the acquisition will "expand the range of ISO's underwriting, loss-history and claims services, bolstering our industry position and recognition as an end-to-end provider of insurance information solutions."
Mr. Coyne said ISO would enhance the value iiX has offered its 20,000 customers over the past 18 years.
Despite the acquisition, ISO said iiX will retain its name and Texas business location. Sean Quillivan will continue to direct iiX operations and iiX will be part of ISO's AISG business unit.
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