ISO launches Measures of Excellence consulting service

• Enables claims-handling organisations local authorities to create own best practices benchmarks against industry norms
• Organisations can save between six and 15 per cent on key claim costs General Damages payouts

Insurance Services Office (ISO) Limited has launched Measures of Excellence, a consulting service that helps claims-handling organisations local authorities create benchmarks for internal and industry best practices for consistent quality claims handling. Customers who have already implemented ISO's Measures of Excellence technology have shown significant improvements in the assessments of personal injury claims payouts realising savings of between six and 15 per cent on key claim costson General Damages payouts on key claim costs.

ISO's Measures of Excellence team carries out a full review of an organisation local authority's closed claims files and work flow processes. The team tracks supervisory and handler practice through a rating system based on six critical file handling areas – control, investigation, evaluation, negotiation, settlement and compliance. The data from these processes is then analysed and measured against industry best practices to create benchmarks which enable a client organisation to maximise its own claims procedures and exceed industry standards.

As a result, the Measures of Excellence team is able to make recommendations regarding current processes and the use of current and prospective technology, and discuss developments of professional training to improve best practices and eliminate deficiencies.

"ISO’s claims professionals collectively have more than two centuries of claims handling, supervision and management experience, including personal and commercial lines, employers’ liability and public liability, as well as self insured markets. We have trained over 4,500 handlers," said Lee Fogle, vice president of ISO Claims Services. "The results of our audits are outstanding. Clients have saved as much as 15.6 per cent on General Damages payments on personal injury claims, which equate to an average saving of £300 per personal injury file."

About ISO Claims Outcome Advisor™ (COA)
ISO Claims Outcome Advisor™ (COA) solution, supplied by its wholly owned subsidiary, ISO Claims Services, Inc., is the industry’s first personal injury claims management solution that manages the multiple dimensions of insurance companies’ personal injury claims portfolios. COA understands the severity and recovery implications of over 18,000 medical conditions — including injuries, treatments, complications and pre-existing conditions — and 14,000 occupations. COA helps claims handlers, managers and actuaries manage the unique and complex medical, legal, and occupational issues presented by personal injury claims, and helps ensure appropriate financial arrangements are agreed and implemented. Claims handlers can manage all aspects of a case from first notice of loss to return-to-work plans, rehabilitation and damages.

About ISO
Insurance Services Office (ISO) Limited is the UK subsidiary of Insurance Services Office, Inc. – the premier source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information analyses; consulting and technical services; policy language; information about specific locations; fraud-identification tools; and data processing. Around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. ISO customers in the UK include Zurich Financial Services, Highway and Farraday Underwriting Limited.

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