JERSEY CITY, N.J., March 15, 2012 — ISO has signed a licensing agreement to provide automated workers' compensation injury reporting services and compliance analytics through its wcPrism® offering to Argo Group, a leading international provider of commercial property/casualty insurance products and services.
Under the agreement, ISO will collect workers' compensation injury claims information and manage the insurer’s first report of injury (FROI) and subsequent reports of injury (SROI) data. ISO’s workers' comp transactional reporting allows insurers to capture data as each claim and policy event occurs. ISO will submit FROI/SROI reporting information to electronic data interchange (EDI) states in which Argo Group writes workers' compensation insurance.
ISO’s wcPrism injury reporting services for Argo Group will include reporting to both mandatory and voluntary EDI states and to new jurisdictions that decide to adopt electronic reporting recommended by the International Association of Industrial Accident Boards and Commissions (IAIABC).
“The incorporation of ISO’s automated injury reporting services into our workers' compensation claims operations is a natural extension of our longtime commitment to serving the needs of the workers' comp market,” said Barbara Sutherland, senior vice president, Argo Group. “With ISO’s expertise and ability to monitor required EDI reporting, we can focus resources on our core competencies and continue to deliver a superior workers' compensation product in an intensively competitive environment.”
Argo Group has also licensed the wcAnalyzer Compliance Manager Cube for FROI/SROI compliance report analytics. The wcAnalyzer cube evaluates reports and compliance performance state by state, identifies areas of concern, and analyzes other compliance-related issues.
“ISO’s wcPrism injury reporting services provide Argo Group with a streamlined reporting process that eliminates the need for claims adjusters to manage compliance functions and allows them to focus on what they do best,” said Michael D’Amico, principal, Workers' Compensation Information Services, ISO.
“Our analytics tool enables Argo Group to be able to analyze its data in ways not previously possible, added D’Amico. “ISO loads the analytics cube with daily transactions. Argo Group can analyze live transactional data in real time and monitor the effectiveness of data edits, identify data trends, and produce advanced ad hoc reports in real time. Until now, only limited tools were available to help carriers effectively measure their success.”
About Argo Group International Holdings, Ltd.
Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty, and Syndicate 1200. Argo Group’s insurance subsidiaries are A. M. Best–rated “A” (Excellent) (third highest rating of 16 rating classifications) with a stable outlook, and Argo’s U.S. insurance subsidiaries are Standard and Poor’s–rated “A-” (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
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.
MWW Group (for ISO)
MWW Group (for ISO)