LONDON, Jan. 28, 2004 — Insurance Services Office (ISO) has won a major order for its Claims Outcome AdvisorTM (COATM) web-based personal injury claims solution from The Rubicon Corporation, a leading source of insurance solutions and services. COA will help Rubicon improve the consistency of its clients' claims payouts,increase visibility of their claims portfolio, and manage personal injury claims from 'day one' at first notice of loss. The new solution will enable Rubicon to demonstrate best practice to its clients across the company's claims handling practices and improve the accuracy of setting reserves.
Rubicon provides a range of services across household and motor insurance, and the company's claims centre conducts an end-to-end claims function, as well as inbound and outbound call centre services. Rubicon selected COA — hosted on ISO's servers for quick, reliable and cost-effective implementation — following a review of the leading claims handling solutions in the marketplace. It found COA to be the best solution to provide Rubicon with analytical tools to help set accurate reserves, compare claims handler and office performance, and spot trends in the marketplace.
"As a leading insurance services outsourcer, we need to ensure that we can demonstrate best practice across all areas of our business. After all, there's no point in outsourcing unless you can provide an improved service and greater efficiencies," said Rubicon's joint CEO, Max Carruthers. "Selecting ISO's Claims Outcome Advisor solution is a significant step for Rubicon in realising our ongoing objective to provide improvements in consistency and efficiency that we can demonstrate to our clients and industry regulators.
"In addition to providing our claims handlers with a desktop solution that is both intuitive and rich in functionality, ISO's hosted software approach means a quick implementation and one that dovetails into our existing IT strategy. Our own business model is built on an insurance business outsourcing function that can be performed more efficiently externally, whilst the business concentrates on building market presence and maximising its relationships with its customers. So for Rubicon, it's important that we practice what we preach. Running the solution on ISO's servers and with additional training and mentoring from the company, we're able to ensure that we can offer our clients the best possible personal injury claims service," he continued.
About Claims Outcome AdvisorTM (COATM)
ISO's Claims Outcome AdvisorTM (COATM)solution is the industry's most advanced 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 preexisting conditions, and14,000 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.
Bradley Brandon-Cross, formerly managing director of GE Financial Insurance, and Max Carruthers, formerly chief executive of Eastgate Assistance, founded The Rubicon Corporation in early 2001.
The heart of Rubicon's business is providing expert insurance solutions and services to branded insurance distributors and insurance companies in the three focal areas:
Rubicon provides a unique 'white-label', end-to-end insurance capability, solely dedicated to enhancing clients' brand values, and offers bespoke turnkey solutions for both new entrants to the insurance market and more established players. www.rubiconcorp.com
Insurance Services Office Limited (ISO) is the U.K. subsidiary of Insurance Services Office, Inc.— the premier 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 statistical, actuarial,underwriting and claims information and analyses; consulting and technical services; policy language;information about specific locations; fraud-identification tools; and data processing. Around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. ISO customers in the U.K. include the Admiral Group, Axa,Chaucer Insurance, Highway Insurance, Rubicon and Zurich Financial Services. For more information on ISO products, contact ISO at Info.firstname.lastname@example.org, or visit ISO at www.verisk.com/iso.
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Mark Strang (ISO U.K.)