JERSEY CITY, N.J., March 1, 2017 — ISO, a leading source of information about property/casualty insurance risk, has been selected by the Idaho Industrial Commission to introduce the state’s first electronic system for collecting data on workers' compensation claims across the state. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
ISO will help Idaho as it joins a growing number of states implementing electronic data interchange (EDI) reporting, a system that enables insurers across the country to enhance their data quality, make more informed decisions about claims, and provide improved outcomes for injured workers.
Successful implementation of an EDI program often depends on having a dynamic system capable of supporting state-specific data elements and reporting situations while aligning with data-sharing standards set by the International Association of Industrial Accident Boards and Commissions (IAIABC). Idaho will be using ISO’s wcCapture™, an extensive claims data collection and monitoring system that helps states collect EDI injury reports in an easy, efficient, and cost-effective manner.
“The workers' compensation industry continues to derive substantial benefit from capitalizing on the strength of our collective data assets,” said Alfred A. Faber, director of ISO Workers' Compensation Solutions. “Leveraging a national standard for the electronic submission of workers' compensation data goes a long way in allowing state jurisdictions and data reporters alike to better serve our nation’s injured workers. We’re proud to have the opportunity to serve the state of Idaho and its data reporters.”
To learn more about ISO’s workers' compensation products and services, visit http://www.verisk.com/iso/workers-compensation.html.
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, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; 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 Verisk Analytics (Nasdaq:VRSK) business. For more information, please visit www.verisk.com/iso.