ISO Adds SecurityGauge Crime Data to ISO RiskElements

By understanding the specific types of crimes and their prevalence in each community, ISO’s insurer clients will be able to create better models to help predict risk.

(Photo credit: Klaus with K.)

ISO (a division of Verisk Analytics, Jersey City, N.J.) has added SecurityGauge (Worcester, Mass.) crime data and maps to its ISO RiskElements, a service that provides insurer clients with model-ready data to build their own predictive analytics.

Phil Hatfield, head of modeling data services, ISO.

Phil Hatfield, head of modeling data services, ISO.

SecurityGauge crime data features a wide range of crime risk statistics and maps that can be viewed by community, neighborhood, or individual address, according to ISO. The data comes not only from local police but from a meta-analysis of over 9.4 million crime incidents reported from more than 18,000 local law enforcement agencies nationwide.

Major Enhancement

“The new SecurityGauge crime data is a major enhancement for ISO RiskElements,” comments Phil Hatfield, head of modeling data services, ISO. “By understanding the specific types of crimes and their prevalence in each community, companies will be able to create better models to help predict risk. Our evaluation of SecurityGauge also revealed predictive model lift for personal injury protection and comprehensive coverage in personal auto and for fire, theft, and other property damage in homeowners.”

ISO RiskElements gives clients access to data sets that ISO has developed and used for years to conduct its own analytic research—including ISO aggregate data, public data sources, and data from select third-party data providers—all of which is validated, scrubbed, and ready for modeling, according to the vendor. The data can support research for a wide range of functions within a company, including marketing, actuarial and claims analysis, and product development.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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