COLUMBIA, S.C., July 29, 2004 — ISO has launched "Measures of Excellence," a consulting service that helps insurance organizations create benchmarks for internal and industry best practices for consistent quality claims handling. Customers that have already implemented certain of ISO's Measures of Excellence technology recommendations have achieved significant improvements in assessing bodily injury claims and payouts and saved between six and 15 percent on key claim costs.
ISO's Measures of Excellence team carries out a full review of an insurance organization's closed claims files and work flow processes. The team tracks supervisory and adjuster practices through a rating system based on six critical areas — control, investigation, evaluation, negotiation, settlement and compliance. The data from these processes are then analyzed and measured against industry best practices to create benchmarks which enable an insurer's clients to maximize their own claims procedures and exceed industry standards.
As a result, the Measures of Excellence team is able to make recommendations regarding current processes and the use of current and prospective technology, and discuss development of professional training to improve best practices and eliminate deficiencies.
"ISO's claims professionals collectively have more than two centuries of claims adjusting, supervision and management experience, including personal and commercial lines, workers compensation and self-insured markets. We have trained over 4,500 adjusters," said Lee E. Fogle, vice president of ISO Claims Services. "The results of our audits are outstanding. Clients have saved as much as 15.6 percent on claim payments, 9.8 percent per point of severity* in bodily injury claims and $703.91 per bodily injury file."
*Severity is ISO's unique measurement of pain and suffering related to a specific medical condition and its related treatments, complications, and preexisting conditions. ISO then ties this medical severity back to specific dollars within company defined regions and territories for purposes of measurement and negotiations.
About ISO Claims Outcome AdvisorTM (COATM)
ISO Claims Outcome AdvisorTM (COATM), supplied by its wholly owned subsidiary, ISO Claims Services, Inc., is the industry's first personal injury claims management solution that manages the multiple dimensions of insurance companies' personal injury claims portfolios. COA understands the severity and recovery implications of over 18,000 medical conditions — including injuries, treatments, complications and preexisting 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 upon and implemented. Claims handlers can manage all aspects of a case from first notice of loss to return-to-work plans, rehabilitation and damages.
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.