LONDON, Aug. 9, 2001 — Insurance Services Office (ISO), a leading provider of insurance claims services and information about property and liability risk, has announced its first major UK order for its Claims Outcome Advisor™ (COA) personal injury claims management solution. Highway, the UK's eighth-largest motor insurer, has selected COA to handle its personal injury claims, following a review of other solutions in the marketplace. Highway will replace its existing procedures with COA's multi-dimensional management capabilities and ensure accurate control of reserving levels.
Highway has over 700,000 policies and to be proactive throughout the whole claims process, wanted to gain greater visibility and management of its claims portfolio. ISO's COA understands the severity and recovery implications of over 20,000 medical conditions, including injuries, treatments, complications and pre-existing conditions in relation to 14,000 occupations. It is the industry's first solution that moves beyond the existing limited rules-based approach currently available to an object-based approach that provides advanced tools for better management of claims portfolios.
Commenting on Highway's decision to select ISO, The Lord Poole, Chief Executive of Ockham Holdings PLC, Highway's parent company, said: "We looked very closely at the market and believe that Claims Outcome Advisor is the only solution that is able to cope with the huge complexities of modern personal injury claims portfolio management. Because we specialise in non-standard motor policies that are arguably subject to a greater degree of risk, we need to accurately determine fair and equitable settlements and provide a superior service throughout the claims process to achieve best practice in claims management. To ensure this, it was critical to the stability of the company and service to our customers that we invested now."
Frank J. Coyne, ISO's President and Chief Executive Officer: "We are delighted to be working with Highway, one of the UK's leading insurance companies, on our first major UK sale of COA. With over 70 per cent of insurance companies' total costs relating to claims payouts, it is essential that they are able to prevent claims costs from spiralling out of control. With a growing number of companies advertising ‘no-win, no-fee' legal services that offer ‘easy routes' to getting thousands of pounds in compensation, it is now necessary for companies such as Highway to install systems that help determine fair and equitable settlements for both parties. Claims Outcome Advisor is the industry's first solution to enable them to do this whilst also allowing the complete management of personal injury claims portfolios."
Highway is the eighth largest UK motor insurer with gross annual premiums in calendar year 2000 of over £300 million, representing over 600,000 policies sold almost exclusively through intermediaries. Highway has over 700 staff and operates from seven locations around the UK. For further information visit http://www.ockham.co.uk/
Insurance Services Office Inc., (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. ISO's Claims Outcome Adviser™ (COA) solution helps claims handlers manage the unique and complex medical, legal, and occupational issues presented by personal injury claims, and helps determine the most favourable financial outcome.
For more information please contact:
David Smart, ISO
Tel: 01252 761351
Philip Szomszor, IBA
Tel: 01780 721433
If you would like to receive this release via e-mail, please contact ISO@iba-europe.com