ISO Claims Outcome Advisor (COA) Becomes U.K. Motor Insurance Market's Leading Injury Claims Evaluation Solution
London, U.K. – 8th July 2009 – Insurance Services Office (ISO) Limited
- Seventy per cent of organisations using a personal injury claims evaluation solution use COA
- Diversity of COA customers (including outsourced claims providers, global self-insured companies and major solicitors) means that COA is more widely used than any other evaluation system
, the U.K.'s leading provider of personal injury claims solutions and services, has announced that its ISO Claims Outcome Advisor (COA) is the most-used personal injury claims evaluation solution in the U.K. motor insurance market. The majority of the U.K.'s top 25 motor insurers use a system to assist in evaluating personal injury claims. Of the companies that use such a system, 70pc (or 55pc by premium income) use COA to evaluate their personal injury claims.
ISO Claims Outcome Advisor creates a historic database of a company's personal injury claims to help ensure financial settlements that are fair, consistent and appropriate. It allows claims handlers to manage all aspects of a personal injury claim evaluation – from first notice of loss to final settlement – all through one system, which helps to streamline the handling process.
"ISO launched COA in the U.K. in 2001. Two insurers licensed COA that year and we have since grown to become the foremost player in the marketplace," commented Joe Pendle, Head of Client Services, ISO. "In the past year, we have been able to grow our customer base significantly and gained seven new customers. This has helped us to reach our leading position in the motor personal injury evaluation system market in terms of the number of customers, and the market share of our customer base. Whilst this is a great achievement for our dedicated COA team, we are not resting on our laurels. We realise that the market is constantly in flux and is likely to experience significant changes in the months and years ahead. We have been investing heavily in the COA system and our support staff to ensure it remains the industry's preferred personal injury evaluation solution.
"Claims Outcome Advisor understands the severity and recovery implications of more than 18,000 injuries," added Joe Pendle. "Using COA, claims departments can benefit from improved accuracy and consistency in settlements, as well as powerful management information. We're pleased that so many leading insurers are seeing the value that a personal injury claims management solution such as COA can bring."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 more than 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.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyse, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. Around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com or contact:
Business Development Manager, ISO
Tel: 01252 761055
The Press Office – PR for ISO
Tel: 01780 721433
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