NEW YORK, April 16, 2001 — Insurance Services Office, Inc. (ISO) and HNC Insurance Solutions, a division of HNC Software Inc. (HNC), announced today that they have forged a strategic alliance to provide insurers with a comprehensive workers' compensation data-reporting solution.
The alliance with HNC Insurance Solutions enables ISO to further expand the scope of its Workers Compensation Data Reporting Service for insurance companies, self-insureds and third-party administrators.
The ISO service compiles premium and loss transaction reports that workers' compensation carriers are required to submit to state insurance regulators. ISO's data-reporting service offerings to workers' compensation carriers include editing data, converting policy and claims transactions into summary reports, and reporting data to the designated statistical agent in each state.
The new alliance provides ISO with access to HNC Insurance Solutions' Internet-enabled electronic filing and reporting software — AC-WebTM and Trans-ConnectTM — for submitting injury information to state accident boards over the Internet. The software significantly automates the reporting process, helping ISO customers achieve greater efficiencies in submitting reports to states that accept electronic filings of workers' compensation information.
"ISO's proven data-management expertise, including the collection of transaction-based workers' compensation premium and claims information, coupled with HNC Insurance Solutions' claims-reporting technology, is a winning proposition for all our customers," said Carole J. Banfield, ISO's executive vice president of government relations and data management.
"HNC's software solutions will enhance ISO's existing data-reporting capabilities, which make it convenient for workers' compensation customers to report transactional data to a single source — ISO. We'll format and submit the information to state statistical agents and state accident boards, providing workers' compensation carriers with a complete, one-stop data-reporting solution," Banfield added.
ISO's workers' compensation solution also will allow insurers access to their own data and permit them to design their management and actuarial reports, Banfield noted.
"The agreement with ISO will bring electronic connectivity to more companies in workers' compensation, increasing their efficiency and productivity," said Sean Downs, president of HNC Insurance Solutions. "Our systems become the means by which this data is transferred, opening up new markets and revenue streams for HNC Insurance Solutions."
AC-Web allows claims administrators to send first and subsequent reports of injury, and medical-payment information to ISO for submission of state-mandated information to accident boards through the Internet. Trans-Connect, a developer's toolkit for Electronic Data Interchange (EDI), is used to edit and reformat data from ISO's internal application formats, so ISO can submit injury and medical-payment reports to state accident boards over the Internet.
ISO and HNC Insurance Solutions also will work together to expand the acceptance of electronic data reporting in those states that currently use paper-based systems for receiving medical payment and injury information from insurers.
ISO is a leading source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; and information about specific locations. 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. For more information, visit www.verisk.com/iso
HNC Insurance Solutions, a division of HNC Software Inc., develops predictive software and e-commerce products for the insurance industry. The company's proprietary software technologies analyze highly complex data and improve insurance claim and policy decision-making, resulting in enhanced productivity, decreased claims costs and reduced fraud for insurers, third party administrators, employers and managed care companies. More than $3 billion in property and casualty medical claims are processed through HNC Insurance Solutions' products each year. For more information, visit www.hncis.com.
HNC Software (NASDAQ: HNCS) is a leading provider of Intelligent Response, decision management and customer analytics software that enables companies in the financial, telecommunications, e-commerce and insurance industries to acquire, manage and retain customers. For more information, visit www.hnc.com or contact Melinda Bateman at (858) 799-8370.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements about events and circumstances that have not yet occurred. For example, words such as "expects," " Believes" or other statements in the future tense are forward-looking statements. Actual outcomes and results may significantly differ from expectations in this press release due to a number of risks and uncertainties about the future. Such risks and uncertainties include, without limitation, whether HNC's products and services will reduce or prevent fraudulent transactions and improve customer's operating results.
Joy Scott (Media HNC)
Heidi Flannery (Investors HNC)