LONDON, Sept. 3, 2002 — Insurance Services Office (ISO), a leading provider of insurance claims services and information about property and liability risk, has enhanced its Claims Outcome Advisor (COA) application to provide the industry's first XML-enabled personal injury claims management solution. COA now easily integrates directly with third=party systems, such as insurers' in-house claims administration databases, and with claims management workflow systems. This enables the automatic transfer of information to improve speed and accuracy of claims management, streamlining claims handling processes and facilitating best practice on every claim.
Already in use in the U.S. insurance market, COA's integration capabilities use the universal, platform-independent XML (Extensible Markup Language) format to enable a two-way flow of data between third-party applications and COA's personal injury claims database. This ensures synchronization of data and elimination of error-prone and time-consuming rekeying of data. The XML format streamlines claims management processes by integrating COA directly with in-house claims administration systems in which insurers store core claims information, such as claimant's name, address and date of loss. COA can also integrate closely with other XML-compatible third-party databases, including those of the Compensation Recovery Unit as well as fraud databases.
COA's new workflow capabilities provide timely information for intelligent workflows. Claims handlers often handle hundreds of claims at any one time, and the integration with diary, CRM and workflow systems — such as Microsoft Outlook, Lotus Notes or in-house administration systems — will enable them to populate their task list with timed actions. This could include, for example, checking whether, on a certain day, a claim offer has been accepted by a claimant's solicitor. This will enable claims handlers to become more proactive in managing their claims portfolios and help speed up the claims life cycle.
"The incorporation of XML-based integration and workflow tools into our Claims Outcome Advisor solution is a clear demonstration of ISO again taking the technology leadership in personal injury claims management," said David Smart, business development director of ISO. "These enhancements to COA will streamline claims management processes and facilitate best practice, enabling insurance companies to improve customer service and enhance visibility of their business processes."
About Claims Outcome Advisor (COA)
ISO's Claims Outcome Advisor (COA) solution, supplied by its wholly owned subsidiary, ISO Claims Services, Inc., is the industry's first personal injury claims management solution that manages the multiple dimensions of insurance companies' personal injury claims portfolios. COA understands the severity and recovery implications of over 20,000 medical conditions, including injuries, treatments, complications and pre existing conditions, and 14,000 occupations. COA helps claims handlers, managers and actuaries manage the unique and complex medical, legal and occupational issues presented by personal injury claims, and helps ensure appropriate financial arrangements are agreed and implemented. Claims handlers can manage all aspects of a case from first notice of loss to return-to-work plans, rehabilitation and damages.
Insurance Services Office, Inc., Limited (ISO) is the U. K. subsidiary of Insurance Services Office, Inc. — the premier 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; information about specific locations; fraud-identification tools; and data processing. Around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. ISO customers in the U. K. include Zurich Financial Services, Highway, Admiral Group and Faraday Underwriting Limited. For more information on ISO products, contact ISO at email@example.com, or visit ISO at www.verisk.com/iso.
For more information please contact:
David Smart, ISO
Tel: 01252 761351
Philip Szomszor, IBA - PR for ISO
Tel: 01780 721433