What does ISO stand for in the context of insurance?

ISO stands for Insurance Services Office. This organization is crucial in the insurance industry, as it provides a range of services including data collection, statistical analysis, and risk assessment tools that help insurers develop products and determine premiums. ISO also issues standardized insurance policy forms that ensure consistency across the industry and assists in regulatory compliance. The organization's work supports insurance companies in managing their operations efficiently while adhering to industry regulations. Understanding the role of ISO is fundamental for those in the insurance field, as it heavily influences product development and underwriting practices.