JERSEY CITY, N.J., July 11, 2005 — Midwest Insurance Companies has signed a licensing agreement with ISO for workers' compensation data-reporting services. ISO will provide Midwest with premium and loss information, and unit statistical reports the insurer can file with designated statistical agents and state rating bureaus.
Midwest will report its workers' compensation transactional data to ISO. Transactional data reporting allows carriers to capture their data at the time of each policy and claim event. ISO will then compile the workers' compensation premium and loss information corresponding to unit report requirements and submit the data, on behalf of Midwest, to statistical agents in various National Council on Compensation Insurance (NCCI) and independent bureau states where the carrier writes workers' compensation coverage.
Rick Vogl, Midwest information technology manager, commented: "The selection of ISO made sense in a multi-state environment that included both NCCI and independent rating bureaus, thereby making compliance reporting easier in one place, one format, one time."
ISO's system makes data reporting transparent to the user. ISO also will develop and compile unit statistical reports for electronic transmission to statistical agents on the carrier's behalf. The carrier will be able to file paper reports developed by ISO with statistical data collection organizations that do not accept electronic submissions.
Midwest Insurance can also have ISO collect, record and submit claims information that correspond to detailed claim information (DCI) and individual case reports (ICR) requirements of statistical agents.
ISO Workers' Compensation Information Services already provides an array of other solutions to carriers, including proof of coverage, financial data calls, and first and subsequent reports of injury.
About Midwest Insurance Companies
Founded in 1998, Midwest Insurance Co.'s sole line of business is workers' compensation insurance. The Springfield, Ill.-based company uses independent agents as its exclusive distribution channel. For more information, visit www.midins.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.