JERSEY CITY, N.J., Oct. 4, 2006 — ISO has enhanced its Automobile-Property Loss Underwriting Service (A-PLUS™) system with Claim Standardization Codes, a powerful tool that eliminates the need for underwriters to review loss history reports manually. The Claim Standardization Codes will help carriers automate and improve underwriting risk evaluation and rating.
The codes are available for A-PLUS property and auto loss history reports delivered through the ISO PassportSM delivery platform to network-to-network and batch users.
“The Claim Standardization Codes will enable users’ systems to interpret information in underwriting loss history reports more easily and apply business rules to automate underwriting business decisions,” said Steven Craig, A-PLUS general manager. “The Claim Standardization Codes will eliminate the need for company systems to interrogate each field in the data stream, saving processing time and streamlining the workflow.”
The A-PLUS system will create a Claim Standardization Code for each claim in an applicant’s or location’s claim history. The codes will summarize information about claim features, such as policy type, loss type, age of claim, loss amount and many other factors. ISO also offers customizable claim codes where companies can define dozens of custom loss range values and claim feature codes.
“This enhancement to A-PLUS underwriting loss history reports is part of our ongoing initiative to help carriers better evaluate and rate risks,” Craig added. “The Claim Standardization Codes can combine the accuracy of manual claim review with increased uniformity in policy decision making, greater compliance with company underwriting guidelines and increased efficiency.”
For more information about the A-PLUS Claim Standardization Codes, contact A-PLUS at 1-800-856-7730.
ISO’s A-PLUS is the largest property, liability and auto claims database for insurance underwriters. With A-PLUS, underwriters can independently evaluate the potential underwriting profitability of individual personal and commercial risks and risk locations. The A-PLUS family of products includes a broad range of risk evaluation tools, including claim loss histories, motor vehicle records, vehicle registration reports, credit reports and scores, and other resources.
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’s services help customers protect people, property and financial assets. For more information on A-PLUS services, please visit www.verisk.com/iso.