London, U.K., November 22, 2010 — ISO’s Personal Injury Claims Assessment Service PICAS®) won the Consumer IT Innovation of the Year award at this year’s BCS UK IT Industry Awards. PICAS is the insurance industry’s first solution to entirely digitise the claims process for personal injuries and is already showing dramatic improvements in reducing processing time for claimants, demonstrating what is possible for the claims industry as a whole. PICAS won the award against very strong competition from across the entire spectrum of U.K. IT services.
PICAS fully digitises personal injury claims reporting by integrating the different systems and steps involved in the settlement of personal injury claims. ISO developed PICAS in conjunction with Premier Medical, Plexus Law, and a number of leading insurers. ISO works with those parties to significantly reduce the life cycle of insurance claims by seamlessly connecting the various stakeholders, including claimant lawyers, medical reporting agencies, and insurers. PICAS has already demonstrated that it can significantly reduce the life cycle of insurance claims by more than 60 per cent — from a normal time frame of around 358 days for settlement to 133 days.
David Clarke, chief executive officer of BCS, The Chartered Institute for IT, said, “This has been another exceptional year for the Awards, with winners drawn from a wide range of industries, once again highlighting that IT is truly embedded in our society and brings tremendous benefits to all aspects of life, from industry and healthcare through to entertainment and security. As The Chartered Institute for IT, we offer our congratulations to all those who took part and in particular, the medallists and winners. To qualify as a finalist is terrific; to win is an absolutely fantastic achievement in these highly contested Awards.”
Commenting on the news, Joe Pendle, director of Client Services at ISO, said, “The PICAS team is delighted to win such a prestigious award. To be recognised by the wider IT community is a testament to the vision and pioneering work of everyone involved in connecting the various IT systems to overcome traditional delays in the personal injury claims process. PICAS is designed to help all parties within the claims life cycle — solicitors, insurers, and claimants — but above all, to settle claims quickly and fairly for the claimant.”
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.
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