London, U.K., June 7, 2010 — Insurance Services Office (ISO) Limited, the U.K.’s leading provider of personal injury claims evaluation solutions and services, has announced that LV= (Liverpool Victoria) has signed a new contract to use ISO Claims Outcome Advisor (COA). This will help LV= to improve claims handling efficiency and provide more accurate and consistent claims settlements.
LV= is the U.K.’s largest friendly society and a leading mutual financial services provider. LV= offers a range of general insurance products, including car insurance direct to customers via brokers and white label partnerships. Highway Insurance, which was acquired by LV= in October 2008, used COA as its personal injury claims assessment system, and this new agreement will see the technology extended across the wider LV= general insurance business.
In addition to providing claims handlers with support for making better decisions on personal injury claims settlements, COA provides advanced management information (MI) tools — accessible through the COA Dashboard — that enable the insurer’s underwriting and claims management to monitor claims operational performance and identify trends and patterns in claims settlements.
Martin Milliner, director of Claimant and Technical Services for the LV= General Insurance Business, said: “We were aware of the benefits that COA delivers through its positive impact on Highway’s personal injury claims settlement process, so it seemed natural to share best practice and extend those benefits to the wider LV= group. ISO re-calibrates the data within COA to help ensure we react quickly and decisively to market changes. That was an important ’tick in the box’ for us. COA’s MI and Dashboard tools were also distinct differentiators because they help us objectively measure the effectiveness of our personal injury claims settlement process.”
“COA’s extended potential through the PICAS offering is also something that impressed us. It adds an extra element of integrated communication between the stakeholders who play a part in personal injury claims. This dramatically reduces the time it takes to process a claim and achieve faster turnaround for cases,” concluded Milliner.
COA’s Personal Injury Claims Assessment Service (PICAS) is the industry’s first solution to entirely digitise the claims process for personal injuries. It allows solicitors and insurers to process claims using an integrated online system, giving both parties the ability to seamlessly and quickly transfer claims information and communicate more effectively through the settlement process.
LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.
LV= employs more than 3,800 people, serves more than 3.8 million customers and members, and manages around £7.7 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Year Book 2006/2007, Total Net Assets) and a leading mutual financial services provider.
LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.
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. For more information, visit www.verisk.com/iso and www.verisk.com.