JERSEY CITY, N.J., November 10, 2010 — ISO has selected Pragmatix, a leading developer of compliance reporting solutions for the insurance industry, to provide ISO’s wcPrism® customers with services for aggregating and submitting their financial call data to satisfy state regulatory requirements.
wcPrism customers will still send all data from their policy administration, claims processing, and injury processing reporting systems throughout the year to wcPrism using its transactional data reporting format. But now, wcPrism will send the financial data through a feed to the Pragmatix Financial Call Reporter (FCR) application, which will aggregate and reconcile carriers’ data before submission. The Pragmatix web interface application, which is already used by 40 percent of data collection organizations (DCOs), creates a direct link between wcPrism customers and the DCOs.
“We chose to work with Pragmatix because of their solid reputation for providing innovative, best-of-breed applications for workers' comp data reporting and their unique experience in developing those applications for state data collection organizations,” said Michael D’Amico, assistant vice president, ISO’s Workers' Compensation Information Services. “The Pragmatix FCR application is a perfect complement to our wcPrism suite of data reporting services.”
For workers' comp carriers, reconciling financial data with unit statistical data to meet increasingly stringent regulatory requirements is a complicated, labor-intensive, and costly process. Relying on separate databases, applications, and legacy systems to reconcile data is too cumbersome to meet changing reporting requirements efficiently and cost-effectively. “Working with Pragmatix, we’re streamlining the process, making it easier for carriers to respond to annual financial calls in a timely, cost-effective manner that frees up carrier resources for other critical business functions,” said D’Amico.
“Pragmatix solutions for workers' compensation data reporting were designed to reduce reporting costs for the industry — both the carriers that write the policies and the state data collection organizations that analyze the data,” said Bill Abram, president of Pragmatix. “We are pleased that this relationship with ISO will allow us to extend those benefits to an even broader client base.”
Pragmatix FCR automatically populates a carrier’s aggregate financial reports with the pertinent data for submission to the proper DCO. Through a web application design that includes a rich spreadsheet interface for editing the calls in a browser, FCR allows carriers to enter and edit data and submit their aggregate financial reports. After uploading calls and editing the data, carriers will automatically be able to send their data directly to the DCOs. FCR provides immediate feedback on submissions and also manages communications between carriers and DCOs, maintaining a record of announcements, call assignments, responses, and criticisms entered into and sent from the system.
“The Pragmatix FCR application eliminates the need for manual rekeying of financial call data, which is currently the way most insurers submit their calls. Another benefit is that the application will always be in sync with all edits and changes to financial calls issued by DCOs using Pragmatix FCR,” added D’Amico. “Since the FCR application is already operational in many DCOs, feeding wcPrism customers’ financial data through FCR for submission is a logical enhancement to our services and testament to our commitment to making workers' comp reporting easier and more cost-efficient for our customers.”
Since 1992, Pragmatix has helped scores of companies use information technology (IT) in new and innovative ways to improve business performance. Pragmatix delivers a broad portfolio of business and technology solutions, including secure managed hosting, remote managed services and support, custom applications, and software development. For the past 15 years, Pragmatix has specialized in creating unique compliance reporting solutions for the insurance industry, most notably for workers' compensation data. From small businesses to Fortune 500 firms, Pragmatix can help companies improve business processes to boost efficiencies, maximize revenue, reduce cost, and gain competitive advantage. For more information, visit www.Pragmatix.com or call 914-345-9444.
wcPrism® is a comprehensive suite of data management, compliance, and analytic solutions for workers' compensation. For carriers, wcPrism can handle reporting of unit statistical, injury (FROI/SROI), medical, aggregate financial, policy (POLS), and detailed claim information (DCI) data on their behalf from a single transactional feed and offers sophisticated analytics. For states, the wcPrism suite offers an efficient, cost-effective way to collect carriers’ FROI, SROI, and medical data claims and perform their own in-depth analysis. For more information, visit www.verisk.com/iso.
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 member of the Verisk Insurance Solutions group at Verisk Analytics. For more information, visit www.verisk.com/iso and www.verisk.com.