JERSEY CITY, N.J., June 10, 2004 — Insurance Services Office, Inc. (ISO) has unveiled a new service that eliminates the need for workers' compensation insurers to manually prepare and submit Proof of Coverage (POC) reports to the Arkansas Workers' Compensation Commission.
ISO's Workers' Compensation Information Services (WCIS) unit has designed electronic forms — ISO WCIS E-Forms — for POC report submissions in Arkansas. The ISO forms offer assistance for states that are not yet ready to receive the policy information in electronic format from ISO via the Electronic Data Interchange (EDI) protocol.
By using the new ISO service in Arkansas, workers' compensation insurers will no longer need to manually prepare and mail the state forms (AR-1) to comply with the POC requirements. Instead, carriers can submit the information to ISO via the standard EDI protocol, or enter the policy information directly into the ISO ClaimPort Online Reporter solution, which is a web-based application for state POC data reporting.
ISO will communicate the policy information from carriers to the state. ISO will also send insurers an electronic confirmation that the information has been received by both ISO and the state.
Workers' compensation insurers are required by state insurance law to submit POC reports to verify that the businesses they insure maintain adequate workers' compensation coverage for their employees.
"ISO is constantly looking at ways to help workers' compensation insurers ease the burden of reporting mandatory information and be in compliance with state requirements," said Carole J. Banfield, ISO executive vice president. "Our new POC service is just one of several ISO workers' compensation products that insurers can use to reduce the time and cost of compliance."
ISO's Workers' Compensation Information Services unit already provides an array of workers' compensation insurance solutions, including premium and claims-transactional reporting, and services for submitting first and subsequent injury-information reports electronically to state accident boards.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.