London, U.K., 27 January 2011 — Insurance Services Office (ISO) Limited, the U.K.’s leading provider of next-generation personal injury claims services, announced today that HSBC Insurance (UK) implemented ISO Claims Outcome Advisor® (COATM) to support its motor claims handlers during the division’s run-off. 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. HSBC’s implementation, which followed a closed claims study that provided an estimate of anticipated results, enables HSBC Insurance (UK) to deliver consistent personal injury evaluations and fair claims settlements for claims from its motor insurance policies during the run-off period.
HSBC Insurance (UK) went into run-off in September 2009. A strategic decision was made a month later to implement a personal injury claims evaluation solution that would help its handlers assess and resolve claims consistently, as well as ensure the fair settlement of claims throughout the run-off. HSBC Insurance (UK) chose ISO COA based on the suite’s advanced technology, flexibility, management capabilities, and transparency. Stringent implementation time frames also influenced the HSBC Insurance (UK) decision. COA ease of implementation would enable HSBC handlers to maximise use of the system and resulting benefits during the run-off period.
“From the onset, we were very impressed with ISO, its solution, and its desire to meet our tight time scales and particular requirements,” commented Neil Freeman, head of Technical & Claims Strategy, HSBC Insurance (UK). “The account manager assigned to us paid particular attention to our need for a speedy implementation and ensured that, from presentation to implementation, we had a quick turnaround. This was of utmost importance for HSBC Insurance (UK) and instrumental in the success of the project. Another significant element of the implementation was that our claims handlers could use the system straight away, without much training, to maximise our investment in COA during our run-off. ISO's flexibility ticked all the boxes here.”
“An attractive by-product of the ISO Claims Outcome Advisor implementation has been the ability of our more junior claims handlers to deal with ‘live’ claims from a very early stage and gain valuable claims-handling experience,” continued Freeman. “They have found the solution very useful because it has allowed them to build their skill sets, which in turn will help them in their redeployment within HSBC or elsewhere. Our more experienced claims handlers have also found the new system beneficial, especially when it comes to valuing motor personal injury claims accurately and consistently.”
Joe Pendle, director of Client Services, ISO, said, “At a time when many companies are looking to optimise their investments in new technology, we are finding the recurring fundamentals to be speed of implementation and minimal training requirements — demands that we definitely can meet. With the COA suite claims handlers can be up and running in a very short time frame and benefiting from the results immediately.”
About HSBC Insurance (UK)
HSBC Insurance (UK) Ltd is a wholly owned subsidiary of the HSBC Group. Formerly Corinthian Policies at Lloyds, the business was acquired by HSBC on 1ST January 1996. Prior to entering run-off, HSBC Insurance UK Ltd insured more than 400,000 vehicles and handled claims at its offices in Brentwood, Birmingham.
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.
Tel: 01252 761055
Claire Russell - PR for ISO
Tel: 01780 721433