ISO Claims Outcome Advisor Named to Insurance Times TechAwards Short ListBy Tom Johansmeyer | August 15, 2014
Insurance Times released its list of finalists for the annual TechAwards. ISO Claims Outcome Advisor® was one of two Verisk Analytics units that made the cut for “Technology Partnership of the Year – Insurer,” along with Xactware. The winner will be announced on September 25, 2014.
PICAS® Plus, part of the ISO Claims Outcome Advisor suite, earned its spot on the short list by helping insurers and solicitors drastically reduce claim life cycles to meet the requirements of the Jackson Reforms. With PICAS Plus, cycle time has been cut by as much as 50 days for smaller motor and public liability claims using the Ministry of Justice (MoJ) electronic portal. Other measurable benefits include:
- 60 percent decline in MoJ Stage 2 life cycles
- 30 percent reduction in the time from Stage 2 response to settlement — from just over 11 days to just under eight days
- settlement of some claims within four minutes — with no claim handler involvement
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