Insurance agents and brokers are continually assessing coverage risk. However, with the number of risk factors for each insurance policy, and with the frequent changes in the insurance market, locating the information necessary to calculate a premium amount, and the process of calculating premiums becomes complex. Consider, for example just one type of insurance, property insurance. The risk rate can easily change with:
- Age of the structure
- Location of the structure
- How the structure is used
- Type of construction
- Distance from a fire hydrant
- Risk prevention items such as indoor sprinklers for fires, security system installation, special construction features that render a structure more resistant to damage due to natural or climate conditions
- Many other factors
ISO Makes It Easy
Calculating the cost of one premium could literally take all day, without organizations like Insurance Services Office (ISO). ISO Business Partners have all the information insurance agents need in order to calculate premiums for their clients and potential clients. When used with computer software, an agent’s computer can calculate the insurance rate within seconds, taking into account all of the possible risk factors at once. With ISO, information is continually updated to reflect current economic climates, market conditions, and applicable statistics. It includes rate information for many kinds of insurance.
Find Out More
Customers expect quick services when it comes to insurance quotes. With the benefits of ISO Business Partners, moving through the fast-paced daily business of an insurance agency is easy and quick. If you don’t already have ISO Business Partners, It’s worth it to find out more about what they can do for your agency.