London, U.K. – 7th April 2010 — Insurance Services Office (ISO) Limited, the U.K.’s leading provider of next generation personal injury claims services and solutions, has announced a new hosted claims service. The COA Bureau Service provides ISO Claims Outcome Advisor (COA) technology and powerful Management Information (MI) reporting as a fully-hosted solution to insurers, loss adjusters and claims handling organisations. The new service enables companies to derive the full value of the COA solution by outsourcing the entry of medical reports into COA. Claims handlers can use the consistent advice of COA without having to interpret and enter medical details into the COA system. Because no insurer staff training is required, the COA Bureau Service can be set up in a matter of days.
By using the COA Bureau Service, companies can improve the consistency COA brings to their valuations. In addition, the extensive MI reporting and the newly developed COA Dashboard instantly deliver detailed, up-to-date claims management information through analysis, graphs and reports. As part of the service, handlers receive a variety of reports comparing data by case, lifecycle and region. These capabilities make the settlement process more transparent and visible to management.
The combination of the COA solution and the expertise and judgment of their claims handlers allow companies to report greater consistency in evaluations and subsequent settlements, as well as improved management information. One leading self-insured that has already taken up the service reports that outsourcing its medical report entry and quantum evaluation processes to experienced ISO staff allows its handlers to focus on core skills, thus providing a better claims service and negotiating fairer, more consistent settlements.
“Our work with key players within the insurance sector has enabled us to offer the advantages of a Bureau Service along with our ISO Claims Outcome Advisor solution and our MI reports to a broader number of businesses,” said Joe Pendle, Director of Client Services for ISO. “With the model, we can also enter into other markets and widen our reach internationally. We are very excited about the benefits our COA Bureau Service can provide to claims organisations.”
About ISO Claims Outcome AdvisorTM (COATM)
ISO Claims Outcome AdvisorTM (COATM) 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 more than 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.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a subsidiary of Verisk Analytics.
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