EASE enables ISO workers' compensation customers to produce reports instantly based on user-defined selection criteria, level of detail and data evaluation. Using EASE, insurers can easily obtain a variety of information at different levels of detail, including individual policies and claims, aggregated incurred losses and standard premium at the designated bureau reporting level by user-defined geographical territory and industry group, and number of policies by location of insured operations.
Customers may also select from a variety of output formats (PDF, ASCII comma- delimited or Excel) and choose to schedule specific reports to run automatically at a frequency they determine through the application.
The new ISO solution is technology-platform independent, which enables insurers to retain their existing systems and efficiently access the information through a standard Internet browser.
The WCIS transactional reporting model allows carriers to report policy and claims data from their source systems as those transactions occur, which allows ISO to create all the required outputs for both insurers' needs and regulatory reporting.
"We decided to take WCIS, which already provides transactional details for compliance reporting, to the next level, so insurers can quickly and easily access this data," said Carole J. Banfield, ISO executive vice president – Information Services.
"EASE makes the complexities of workers' compensation business simpler. Now business users can unlock the full value of their data and extract key detailed information from the ISO database — without the need to ask information technology professionals for help," she added.
"The quality information and the actuarial rigor underlying EASE is ISO's response to insurers, who have been asking us for quite some time for a sophisticated analytical tool to make informed business and strategic decisions. EASE also makes it more cost- and time-efficient for insurers to comply with regulatory data-reporting requirements and their other data needs," Banfield commented.
Quality information from the companies' databases, which ISO can customize according to carriers' specifications, allows insurers to develop sound actuarial and management reports, make strategic plans for improved operations and better monitor their workers' compensation business. The information obtained through EASE can help ensure better management of data quality while eliminating multiple systems and insurers' infrastructure costs.
ISO WCIS already provides an array of solutions, including services for electronically filing unit statistical reports, detailed claim information, individual case reports, proof of coverage, financial data calls, and first and subsequent reports of injury. For more information on EASE, call ISO Customer Service toll-free at 1-800-888-4476, or send e-mail to email@example.com.
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.