JERSEY CITY, N.J., Dec. 20, 2001 — In an expansion of its workers' compensation services, Insurance Services Office, Inc. (ISO) has signed a definitive agreement to enter into an exclusive and perpetual licensing arrangement with HNC Software Inc. to offer Proof of Coverage services provided by ClaimPort, Inc., a wholly owned subsidiary of HNC.
These services enable insurers to electronically submit Proof of Coverage reports to those state industrial accident boards that accept electronic submissions.
Workers' compensation insurers are generally required to submit Proof of Coverage reports to state industrial accident boards to verify that the businesses they insure maintain adequate workers' compensation coverage for their employees.
Although requirements vary by state, reports generally must be submitted when workers' compensation policies are issued, renewed, modified, canceled or reinstated.
"ISO's Workers Compensation Information Services already provide a rich array of workers' compensation insurance solutions, including premium and claims-transactional reporting, and services for submitting first and subsequent injury information reports electronically to state accident boards," said Carole J. Banfield, ISO's executive vice president for information services and government relations.
In April 2001, ISO began offering insurers Injury Reporting Services — electronic reporting of first and subsequent injury reports to state accident boards — through a strategic alliance with HNC. ISO's suite of workers' compensation services also includes outsourcing solutions for reporting data to rating agencies, as well as other analytical and data conversion services.
"Our exclusive licensing agreement with HNC for Proof of Coverage services expands the scope of our offerings in the workers' compensation field. Insurers that operate in states that allow electronic submissions, and who also seek efficiencies and economies of scale by outsourcing data reporting functions, will benefit from ISO's new service," Banfield added.
ISO is a leading source of information, and 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; information about specific locations; fraud-identification tools; and data processing. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, and insurance regulators and other government agencies.
HNC Software Inc. is a leading provider of high-end analytic and decision management software that enables global companies to manage customer interactions by converting data and business experiences into real-time recommendations. HNC's proven software empowers Global 2000 companies in the financial services, insurance, telecommunications, healthcare and other industries and governments to make millions of the right mission-critical customer decisions, and take action in real time, substantially improving financial performance, reducing costs and decreasing risk.