JERSEY CITY, N.J., Nov. 11, 2003 — Insurance Services Office, Inc. (ISO) has entered into an outsourcing agreement with Kentucky Employers Mutual Insurance (KEMI) to collect the insurer's workers' compensation data.
ISO will collect KEMI's workers' compensation premium and loss information in transactional format and compile unit statistical reports, financial data and detailed claim information (DCI).
"We selected ISO as our outsourcing vendor because of its expertise in workers' compensation and transactional data services," said Karen Hardin, chief operating officer of KEMI. "The agreement will enable us to focus on our core competencies — writing policies and implementing loss-control measures — and better deploy our operational and technology resources to more productive and revenue-generating activities," Hardin added.
"The agreement with Kentucky Employers Mutual reflects ISO's commitment to serving state funds," said Carole J. Banfield, ISO's executive vice president. "State funds like all insurance carriers face an enormous burden in complying with statutory requirements, and KEMI's choice reaffirms our reputation for data-management expertise and commitment to service."
Kentucky Employers Mutual Insurance is the largest provider of workers' compensation insurance in the Commonwealth of Kentucky, covering businesses in all 120 counties. With more than 18,000 policyholders, KEMI is a self-supporting and dominant carrier of workers' compensation insurance for thousands of small businesses.
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.