LONDON, Nov. 14, 2003 — Chaucer Insurance, a leading U.K. Lloyd's syndicate motor insurer, has gone live with Claims Outcome Advisor (COA) from Insurance Services Office Limited (ISO) to help manage its personal injury claims business. The web-based ISO solution enables Chaucer to improve the consistency of its claims payouts, streamline claims handling processes and increase the visibility of its claims portfolio. COA provides Chaucer's claims handlers with a comprehensive database of almost 20,000 medical conditions, 14,000 occupations and a detailed medical encyclopaedia for more informed negotiations with solicitors and more consistent claims management.
COA provides Chaucer's claims handlers with comprehensive online medical information - including anatomical diagrams and illustrations - and details of complications, treatments and pre-existing conditions previously accessible only to medical professionals. This will help claims handlers to interpret medical reports accurately, assist with unusual injuries and help improve negotiations with solicitors for more consistent settlements. COA's reporting functionality also provides managers with statistical information to track the performance of individual claims handlers and identify trends in personal injury claims.
"We have a very experienced claims team at Chaucer Insurance, but we wanted to build on this with a solution that ensured each one of our handlers could benefit from the detailed level of medical information that COA offers," commented Nick Burnap, Chaucer Insurance's Technical Claims Director. "Consistency is just as much of an issue for a single office environment as it is in a multi-office deployment. Our handlers regularly manage hundreds of cases at any one time, and COA now plays an important role in helping them treat claims consistently and negotiate with solicitors with greater confidence to reach settlements.
"COA also enables our claims handlers to spot potential anomalies in the claims handling process. For example, if a claimant had a particularly serious injury but hadn't received the recognised treatment to make a complete recovery, the system will highlight this and prompt the claims handler to ensure the claim is consistent with the injury. In addition, COA's advanced reporting provides our managers and directors with greater overall claims visibility to help us achieve more accurate reserving," added Nick Burnap.
ISO has worked closely with Chaucer to implement COA on an ASP basis and pay for the solution on a case-by-case basis. This effectively removes the need for a pilot phase, speeds deployment and helps ensure faster time to payback.
According to Lee Fogle, Head of ISO's COA division: "By paying for COA on a case-by-case basis, Chaucer has been able to fast track the deployment of the solution and realise its benefits in days rather than the weeks and months that other IT investments can take to pay off. Consistency is also key to insurance companies looking to control their personal injury claims costs. By installing COA throughout its personal injury claims office, Chaucer will be able to improve consistency while drilling down to look for trends in common injury areas, and assessing the negotiation of settlements with solicitors."
About Claims Outcome AdvisorTM (COA)
ISO's Claims Outcome AdvisorTM (COA) solution is the industry's first personal injury claims management solution that manages the multiple dimensions of insurance companies' personal injury claims portfolios. Using internationally recognised ICD medical codes, COA understands the severity and recovery implications of almost 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.
Chaucer Insurance is the UK motor division of Chaucer Holdings PLC, a prominent publicly quoted company trading within the Lloyd's market, with offices in the City of London. The company began trading in 1965 and by 2000 its development had led to the re-branding of Chaucer Insurance and included a move to its prestigious new offices in Whitstable, Kent.
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 data, analytical and decision-support products; consulting; data processing; and technical, statistical and actuarial services. ISO field services include on-site rating and underwriting services and the evaluation of community loss-mitigation efforts. ISO's products help customers with sales and prospecting, underwriting, rating and quoting, customer management, policy administration, product development, claims administration and fraud detection. ISO's AIR Worldwide subsidiary provides technologies to assess and manage natural and man-made extreme-event risk. Through its ISO Claims Services, Inc. (iiX unit) and Intellicorp subsidiaries, ISO provides motor vehicle reports and criminal-records information and through its AscendantOne unit delivers rating, quoting and policy-administration solutions. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.
Mark Strang (COA)
Tel: 01252 761055