JERSEY CITY, N.J., Oct. 11, 2006 — ISO has signed a licensing agreement to provide BrickStreet Mutual Insurance Co. a wide variety of ISO’s Workers' Compensation Information Services (WCIS) solutions.
Under the agreement, ISO’s WCIS will provide the West Virginia–based insurer statutory filing and data-reporting services for the carrier to submit claims and policy information to the West Virginia Offices of the Insurance Commissioner and the National Council on Compensation Insurance.
ISO will collect and record workers' compensation premium and loss information from BrickStreet Mutual. ISO will then develop and compile the required output for BrickStreet Mutual’s regulatory needs from this single flow of data from BrickStreet’s source systems.
The agreement calls for ISO to collect, record, develop and file BrickStreet Mutual’s unit statistical and financial call reports as required by the state regulator. Claims information that ISO collects from the carrier will include the necessary components for ISO to also provide automated reporting of first reports of injury.
In addition, BrickStreet Mutual will use ISO’s Executive Analytic Solutions Engine (EASE™) to perform detailed analyses of its entire workers' compensation business. EASE is a powerful analytical and report-writing tool that will enable the carrier to extract key transactional data quickly from the ISO database via a standard web browser and to see the interrelationships within the data.
“ISO’s expertise as a workers' comp information vendor is what attracted us in the first place,” said Phil Weikle, chief information officer of BrickStreet Mutual. “Their industrywide reputation in data management, coupled with powerful and flexible processing technology, gave us the confidence that they can provide a single solution, so we can comply with the necessary regulatory requirements.”
“BrickStreet’s choice of our wide-ranging information solutions for workers' compensation insurance is a strong affirmation of our reputation and capabilities in this challenging line of business,” said Carole J. Banfield, ISO executive vice president – Information Services. “By taking over the time-consuming task of processing and managing workers' comp data, ISO can help them focus on their core business of writing coverage.”
About BrickStreet Mutual Insurance
Headquartered in Charleston, W. Va., BrickStreet Mutual is the sole source of legally required workers' compensation coverage for West Virginia employers. In this capacity, BrickStreet provides a variety of tools to help employers provide a safe work environment for their employees and minimize losses — including on-site support from safety specialists, a library of safety resources and ongoing programs, such as the deductible program, that can help manage costs. For more information, visit www.brickstreet.com.
About ISO’s workers' compensation data management systems
ISO’s data management systems make data reporting transparent to the user. ISO develops and compiles unit statistical reports, policy, detailed claim information, individual claim reports, financial data calls, proof of coverage and injury reporting for electronic transmission to statistical agents, boards and bureaus for all jurisdictions on the carrier’s behalf. ISO’s Workers' Compensation Information Services provide an array of other solutions to carriers, managing data output for internal or external use. Internal management reporting solutions are supported by ISO’s Executive Analytic Solutions Engine (EASE).
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. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO services help customers protect people, property and financial assets.