Zenith Insurance Plc implements ISO Claims Outcome Advisor to drive cost savings

  • Personal injury claims management solution will provide detailed claims information to prevent overpayment on settlements
  • Follows annual cost savings of £1/2 million at sister company, Link Insurance Company Limited

Insurance Services Office (ISO) Limited, the UK’s leading provider of 'next generation' personal injury claims and anti-fraud insurance services and solutions, has announced that Zenith Insurance has implemented ISO Claims Outcome Advisor™ (COA™). COA will provide Zenith with accurate and consistent claims information, enabling it to identify trends and benchmark settlements against claims cost inflation. This will ensure that Zenith drives cost savings by reducing settlement overpayments.

The decision to implement COA follows a closed file evaluation, which showed that the system could deliver comparable savings to those achieved by Zenith’s sister company, Link Insurance. Link has used COA to enhance the accuracy and consistency of its claims settlements, leading to annual cost savings of approximately £1/2 million.

Trevor Webb, Claims Director at Zenith and Link, comments: “We experienced the benefits that COA can deliver through its positive impact on the overall costs of Link’s claims. Using COA for the processing of Link’s personal injury claims demonstrated the importance of limiting overpayments. The increased consistency and enhanced accuracy in the claims settlement process resulted in significant cost savings. It seemed natural to share best practice and extend these benefits to Zenith at the earliest opportunity.”

Trevor Webb continues: “Throughout the implementation we were fully supported by ISO, which ensured our claims handlers hit the ground running when the system went live. The solution is allowing us to consolidate the claims handling elements of the Zenith and Link businesses to ensure we deliver consistency throughout our claims operation. We will also be using COA’s Management Information to help us objectively measure the effectiveness of our rehabilitation programme.”

“In a climate where claims settlement inflation is affecting the whole industry, companies need as much visibility of claims costs as they can to help identify trends as they emerge,” comments Joe Pendle, Director of Client Services, ISO. “Providing consistent claims evaluations across Link and Zenith means that benchmarks can be set more accurately and the visibility of the claims settlement process will be broader and provide more information. This will help identify claims inflation and enable the more effective management of personal injury claims.”

About ISO Claims Outcome Advisor™ (COA™)
ISO Claims Outcome Advisor™ (COA™) is the industry's first personal injury claims management solution that manages the multiple dimensions of organisations' personal injury claims portfolios. COA understands the severity and recovery implications of over 18,000 injuries, treatments, complications and preexisting conditions and 14,000 occupations and creates for an insurer an historic database of all of its injury claims. 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 to 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 Zenith and Link
Zenith Insurance plc and Link Insurance Company Limited are based in Gibraltar, and form the European division of the leading Caribbean financial services company, Guardian Holdings Limited. Zenith and Link specialise in providing personal lines insurance products including motor, home, and accident and health to the UK intermediary market.  Both companies operate a Freedom of Services Licence granted by the Financial Services Commission in Gibraltar, providing the opportunity to underwrite personal lines business in Europe.

About ISO
Insurance Services Office (ISO) is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, estate agency, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. Around the world, ISO's services help customers protect people, property and financial assets.  ISO's customers in the UK include Admiral Group, AXA Insurance, Chaucer Insurance, Highway Insurance, Lloyd's, Zenith InsurancePlc, Link Insurance and Zurich Financial Services.

For more information please contact:

Mark Strang, ISO
Tel: 01252 761055
mstrang@iso.com

Manuela Whittaker, IBA – PR for ISO
Tel: 01780 721433
mwhittaker@iba-europe.com

ISO 129-06

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