JERSEY CITY, N.J., May 23, 2007 — ISO has signed a licensing agreement to provide a wide array of Workers' Compensation Information Services (WCIS) solutions to Austin Mutual Insurance Company for its expansion into the workers' compensation market.
Austin Mutual will provide transactional workers' compensation data to ISO to file and report to state rating bureaus and statistical agents in all states where the insurer writes workers' compensation insurance.
Under the agreement, ISO will collect and record all workers' compensation premium and loss information from Austin Mutual. ISO will develop and compile corresponding unit statistical, policy, and aggregate financial reports from the premium and loss information and submit that information to regulatory agencies.
ISO’s WCIS will enable Austin Mutual to reduce start-up costs and resources associated with current business processes and internal systems used to generate workers' compensation regulatory reporting. ISO’s WCIS will also help Austin Mutual meet compliance requirements with an error correction process that allows Austin Mutual to manage data quality and reduce future expenditures required to create, update, or rewrite existing systems.
“ISO’s workers' compensation services will help us build business at a lower cost while maintaining the advantages of automation,” said Terry Madsen, Vice President of Compliance and Product Development at Austin Mutual Insurance Company. “ISO’s WCIS solution will also reduce the resources required for workers' compensation reporting and position us to successfully enter the new market and contribute to our success in the future.”
About Austin Mutual
Austin Mutual Insurance Company was founded in 1896 in Austin, Minnesota, as the Farmers United Township Mutual Hail Association of Minnesota. In 1909, the name was changed to Austin Mutual Hail Insurance Company of Minnesota and, in 1917, to Austin Mutual Insurance Company. The company moved its headquarters from Austin, Minnesota, to Minneapolis, Minnesota, in 1914. Austin Mutual has an excellent reputation, and all the characteristics of competent management are displayed. Operations are conservatively conducted in an efficient manner to ensure that policyholders are adequately protected against any contingency and that a substantial surplus is readily available when needed.
About ISO’s Workers' Compensation Information Services (WCIS)
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 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’s services help customers protect people, property, and financial assets.