COLUMBIA, S. C., Nov. 27, 2001 — Insurance Services Office (ISO) has announced a major system release — Release 1.6 of ISO Claims Outcome AdvisorTM (COATM) — by its wholly owned subsidiary, ISO Claims Services, Inc.
Release 1.6 enhancements include Graphical Medical Search, Case Reserves and Negotiation History. The new Graphical Medical Search provides adjusters with a graphical representation of the human body that is easily and quickly used — by simply pointing and clicking — to capture injuries, treatments, complications and pre-existing medical information.
COA's Case Reserve software provides both a generated case reserve and a reserve worksheet to help claims professionals project the outcome of bodily-injury claims with a higher degree of accuracy than any other method available today.
Negotiation History software provides tools for tracking and strategizing the negotiation process of case settlement. Negotiation history is displayed in a graphical summary, providing a quick, accurate status of a case, as well as a view of negotiation history by office or adjuster for use in training and evaluations.
"The powerful tools available with this release are a direct response to the requests and needs of our growing customer base," said Lee Fogle, ISO vice president, "and with the addition of all this major new function, COA further distances itself from the competition in terms of overall value and superior usability."
Earlier this year ISO introduced Audit Manager and Settlement Analyzer, which are both included in Release 1.6.
Audit Manager helps ensure consistent handling of claims and settlements that are both fair to the claimant and cost-effective for the company, reflecting company-defined guidelines. Audit Manager provides reports by office and by individual claims professional, revealing information on amounts of settlements, the time it takes to settle claims, and claims professionals' need for further training in medical knowledge or claims-settlement negotiation.
Settlement Analyzer helps derive a fair and equitable assessment based on injury severity and the company's defined general-damage dollar value assigned to the severity by economic region. Using Settlement Analyzer, actuaries and key claim-management personnel can easily monitor and adjust the company-defined settlement range as company data accumulate.
ISO Claims Outcome Advisor helps claims handlers manage the unique and complex medical, legal and occupational issues presented by personal injury claims, and helps determine the most favorable financial outcome. COA understands the severity and recovery implications of more than 20,000 medical conditions, including injuries, treatments, complications and pre-existing conditions in relation to 14,000 occupations. COA is the industry's first bodily-injury evaluation system that moves beyond a limited rules-based approach to a learning, object-based solution. COA provides advanced tools for better management of claims settlement practices and powerful management reporting.
ISO is a leading provider of information about property and liability risk and insurance claims services. ISO provides statistical, actuarial, underwriting and claims information and analysis; consulting and technical services; policy language; and information about specific locations for a broad section of commercial and personal lines of insurance. In the United States and around the world, ISO serves insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators, and other government agencies.