London, U.K. – 17 October 2011 – Insurance Services Office (ISO) Limited, the U.K.'s leading provider of personal injury claims solutions, has been short-listed for two major industry awards. The ISO MoJ claims system for settling motor personal injury (PI) claims is a contender for the Business IT Innovation of the Year in the 2011 BCS & Computing UK IT Industry Awards. The system has also been short-listed for the Insurance Times Service Provider of the Year Award.
The achievements are the latest in a series of endorsements for the ISO MoJ product. Earlier this year LV= won Technology Initiative of the Year at the Claims Innovation Awards for implementing ISO's MoJ system. ISO was short-listed for the Claims Technology Initiative of the Year Award at the Insurance Times Claims Excellence Awards, as well as the Technology Award at the British Insurance Awards.
The ISO MoJ claims system was the first generally available application-to-application case management solution that communicates with the insurance industry claim portal and fully automates all three stages of the MoJ PI claims settlement process. It currently processes approximately one in four of all motor PI claims in the U.K.
ISO's web-based case management application enables insurance companies to meet the new deadlines set by the MoJ, some as short as 15 days. Companies can see at a glance which cases are approaching deadlines for responses and payments throughout the process. And because it links directly to the industry's claim portal, ISO's case management application significantly streamlines and accelerates the claims process. Companies no longer have to access the portal directly to see if claims have been reported to them. The application electronically exchanges information with solicitors and automatically populates appropriate work queues, without the need for handlers to manually log on each time a response needs to be sent.
Commenting on the news, Joe Pendle, director of Client Services, ISO, said, "To be short-listed for two prestigious awards in the space of one week is a testament to everyone involved in the development of the MoJ system at ISO. The MoJ system was developed at a time when significant changes in MoJ legislation meant that the insurance industry had to become much more proactive in meeting tight new timescales very quickly."
"The nominations follow ISO's PICAS system winning the Consumer IT Innovation of the Year Award at last year's BCS UK IT Industry Awards," he added. "This year's awards recognise the quality of ISO's advanced technology that has enabled insurance companies to handle motor insurance PI claims in a way that would not have been possible had they continued to use the web portal manually."
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 (Nasdaq:VRSK). For more information, visit www.verisk.com/iso and www.verisk.com.
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