Claims Modernization: Overcome Barriers to ConsistencyBy Michael Rivers | December 20, 2012
Too often, very similar claims have widely different outcomes. The ISO Claims Outcome Advisor® (COA™) team has seen this time and again in claims departments across the country. The high variability in claims settlement outcomes can often lead to unfair results for claimants and policyholders.
Further, 92 percent of the insurance claims executives surveyed by Accenture, as reported in Insurance Networking News (INN), believe they could use increased claims handling consistency to reduce their loss costs. Systems such as ISO Liability Advisor®, ISO Injury Advisor™, and ISO Subrogation Advisor™ can equip claims professionals to reach fairer settlements faster — while avoiding litigation.
The barrier to implementing a claims settlement system, according to the survey, is that carriers say their core claims systems are either too old or not adaptable. While an older core claims system can limit a carrier’s other technology alternatives, the COA suite, which integrates with ISO ClaimSearch® and many core claims systems, overcomes that obstacle. Already widely in use among U.S. and U.K. property/casualty insurers, the suite’s deployments indicate dated core systems are not an impediment.
To get started with the ISO COA suite of products,contact your ISO account executive.
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