JERSEY CITY, N.J., September 15, 2003 — Insurance Services Office, Inc. (ISO) has signed a licensing agreement to provide OneBeacon Insurance Group statutory filing and data-reporting services for workers' compensation insurance.
OneBeacon will provide transactional workers' compensation data to ISO to file and report to state rating bureaus and statistical agents in all states where the insurer writes workers' compensation insurance.
Under the agreement, ISO will collect and record all workers' compensation premium and loss information from OneBeacon. ISO will develop and compile corresponding unit statistical reports from the premium and loss information and submit that information to regulatory agencies. ISO will enable OneBeacon to create statistical units in time to identify missing or incorrect information and make corrections online.
The agreement also calls for ISO to collect, record, develop and file OneBeacon's detailed claim information and individual case reports as required by state statistical agents.
"We're delighted OneBeacon has selected ISO for workers' compensation transactional data reporting and filing services," said ISO Executive Vice President Carole J. Banfield. "Their decision recognizes our growing capabilities in the workers' compensation line of business. What's more, OneBeacon's choice reaffirms ISO's leadership reputation for data management in the property/casualty industry," said Banfield.
"We sought ISO because it is the industry's trusted intermediary when it comes to data collection and reporting services for insurers. But when we saw the extent to which ISO is capable of customizing these essential reporting services to fit our company's needs, we were convinced," said Kathleen Taylor, Senior Vice President of Corporate Information Management.
Headquartered in Boston, Massachusetts, OneBeacon Insurance Group is committed to being the leading independent agency property-casualty insurance group in the Northeast and for selected specialty businesses. With roots dating back 170 years and an A.M. Best rating of "A" (excellent), OneBeacon offers a wide range of personal, commercial and specialty products and services, which are sold through select property-casualty independent agents. Specialty operations are conducted on a national basis. OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. (NYSE:WTM), of Hamilton, Bermuda. White Mountains' principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance.
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.