JERSEY CITY, N.J., April 21, 2011 — ISO has added a new dimension to its wcPrism® workers' compensation offering for carriers: sophisticated analytics cubes that can provide carriers with a clear picture of their reporting and compliance performance state by state.
The data cubes, driven by state-specific requirements and transaction-specific EDI acknowledgments, are designed to monitor and measure trading partner compliance. Carriers can use the data cubes to evaluate their reporting and compliance performance in the jurisdictions they write, identify areas of concern, and help avoid potential fines.
"Carriers are required to report massive amounts of data relevant to policies as they are underwritten, claims as they occur, and medical bills as they are paid. All that data must be aggregated and formatted correctly and sent at the appropriate time," said Michael D'Amico, assistant vice president, ISO Workers' Compensation Information Services. "Responding to reporting requirements puts a tremendous strain on carriers' resources, and many struggle with accurate and timely reporting. Until now, there have been limited tools available that allow carriers to effectively measure their success and illuminate areas of improvement."
ISO loads the analytics cubes with daily transactions accumulated from trading partners. According to D'Amico, carriers will now have the ability to analyze live transactional data in real time, as well as the ability to monitor the effectiveness of data edits, identify data trends, and produce advanced ad hoc reports in real time.
In addition to these new cubes, ISO's wcPrism team recently enhanced the reporting structure to simplify the implementation process. Carriers can send claims data in any format they can output from their systems. ISO will then extract, transform, and load the data into the formats needed to populate the analytics cubes. "We expect this to dramatically reduce the time and resources needed to implement wcPrism compliance reporting solutions for our carrier base," said James Eldridge, director, ISO wcPrism solutions.
Currently, there are three analytics cubes available: a claims data cube for claims data analytics, a compliance manager cube for FROI/SROI compliance report analytics, and a DCO medical data cube for medical data analytics. Additional analytics cubes are in development.
"In our continued commitment to helping our carrier clients stay ahead of the technology curve, we are pleased to offer these cost-effective business and reporting intelligence tools designed specifically for workers' compensation," added Eldridge.
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.