LONDON, March 26, 2007 — Insurance Services Office (ISO) Limited, the UK’s leading provider of personal injury claims services and solutions, has announced the roll-out of its Claims Outcome Advisor (COA) solution to the personal injury claims handling sites of Co-operative Insurance. COA will enhance the claims processing operation of Co-operative Insurance through accuracy and consistency of settlements, but also through its strong analytics functionality, which will provide Co-operative Insurance with easy access to a wealth of management information. COA will give Co-operative Insurance clear visibility and analysis of every aspect of the personal injury claims management process, which is why it was selected above other solutions on the market.
Co-operative Insurance conducted a closed claims study to test a range of solutions, and COA proved to be the best in terms of efficiency, accuracy and breadth of functionality. The implementation is part of Co-operative Insurance’s Claims Transformation Programme, and COA’s ease of use, coupled with in-depth training and development of claims handlers, will complement the extensive medical and management information available through the solution. The COA claims management solution offers a comprehensive range of functionality which enhances the end-to-end process of claims handling, the detailed coding of medical injuries and conditions, as well as the access to regularly re-calibrated management information.
“Our development programme is aimed at making our claims management processes accurate and fair for our claimants,” commented Pete Harrison, Project Member, Co-operative Insurance. “We went through a closed claim evaluation and pilot with COA, and it was able to demonstrate the significant impact it would have on our business — over and above other solutions on the market. The management information that we can access and analyse through COA is a significant add-on to the proposition. Not only does this system have a strong repository of information to ensure we are always fully informed in the settlement process, but it also gives us the ability to look at the business as a whole and drill down into areas where we feel we need more information or improvement.”
“Co-operative Insurance had a goal of a fairer, more accurate and more comprehensive approach to personal injury claims management, and through COA it has found the solution to address those requirements,” added Joe Pendle, Director of Client Services, ISO. “COA has the strength and breadth of functionality to ensure every aspect of the claims process is comprehensive and easy to administer, and it also gives managers the granularity of analytical information they need to achieve their targets. The level of visibility Co-operative Insurance has, coupled with the accuracy it now has in the claims process, propels it into the upper echelons of claims management operations.”
About ISO Claims Outcome Advisor™ (COA™)
ISO Claims Outcome Advisor™ (COA™) is the industry's first personal injury claims management solution that manages the multiple dimensions of organisations' personal injury claims portfolios. COA understands the severity and recovery implications of over 18,000 injuries, treatments, complications and preexisting conditions and 14,000 occupations and creates for an insurer an historic database of all of its injury claims. 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 to and implemented. Claims handlers can manage all aspects of a case from first notice of loss to return-to-work plans, rehabilitation and damages.
ISO Liability Advisor™
ISO also offers ISO Liability Advisor, a powerful tool to help claims professionals better evaluate motor accident-related contributory negligence claims. ISO Liability Advisor features a relational database that helps claims handlers report, manage and track claims with contributory negligence.
With ISO Liability Advisor, insurers can:
ISO Liability Advisor makes it easy to navigate even the toughest contributory negligence cases — consistently, accurately and efficiently. The solution is a knowledge-sharing tool that can help train the newest team members.
Using ISO Liability Advisor a claims handler can quickly gather and store relevant information, including case law, accident reports and electronic accident-scene diagrams. With the supporting information, claims staff will be better equipped to attribute the fair percentage of liability to claims and eliminate the all-or-nothing outcomes in claims practices.
About Co-operative Insurance
Co-operative Insurance has been around since 1867, and is the only co-operative insurance company in the United Kingdom. It has around 4.7 million customers and currently administers more than £20 billion of their money.
As well as life insurance and home and motor insurances, Co-operative Insurance’s range includes pensions, with-profits bonds, critical illness products, unit trusts and ISAs. With The Co-operative Bank, it forms Co-operative Financial Services and can also provide a wide range of innovative banking products, great rates, excellent customer service and access to its customers’ money whichever way suits them best.
Insurance Services Office (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, estate agency, 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. Around the world, ISO's services help customers protect people, property and financial assets. ISO's customers in the UK include Admiral Group, AXA Insurance, Chaucer Insurance, Highway Insurance, Lloyd's, Zenith Insurance Plc, Link Insurance and Zurich Financial Services.
Giuseppe Barone / Erica Helton
MWW Group (for ISO)
firstname.lastname@example.org / email@example.com