COLUMBIA, SC, Nov. 7, 2002 — Insurance Services Office, Inc. (ISO) has developed a new claim diagnostic service for liability and workers compensation insurance companies to benchmark companywide claims settlement practices and compare those with industry norms.
ISO's new Claim Diagnostic Benchmarking service tells senior claims executives and CEOs how their companies' existing claims settlement parameters compare with industry benchmarks.
"By analyzing medical and bodily injury data in our unique database of bodily injury and workers compensation claims, ISO's new service provides an easy-to-use method that claims executives and senior management can use to graphically view injury and settlement trends in their books of business," said Lee E. Fogle, vice president of ISO Claims Services, a unit of ISO.
"The information can be customized with our advanced data-mining tools to provide analytical insight into their claims settlement trends and show executives how their companies stack up across territories and offices, and by individual claims adjusters, as well as against industry benchmarks," Fogle added.
Sandy Harrington, manager of the ISO diagnostics team, said: "With costs of legal, medical and general damages increasingly running out of control, claims executives are frustrated over the lack of data available in older, transaction-based systems to perform any informed measurement. We can now provide them new ways to measure and manage claims settlements."
For more information on ISO's Claim Diagnostic Benchmarking service, contact Carole Garren at (803) 731-6670.
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; 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, insurance regulators and other government agencies.