London, U.K. – January 7th, 2010 – ISO's Personal Injury Claims Assessment Service (PICAS) has been shortlisted for Project of the Year in the KnowList Awards 2010. PICAS is the industry's first solution to entirely digitise the claims process for personal injuries. The KnowList Awards are dedicated to recognising the strategic implementation of technologies within law firms and the collaboration between companies that can enhance processes in the legal sector.
The PICAS solution was developed by ISO, a leading provider of personal injury claims services. It has already demonstrated a dramatic reduction in the lifecycle of low-value personal injury claims. Working in conjunction with Plexus Law, Premier Medical and several leading insurers, PICAS has been able to reduce average claim lifecycles from around 290 days to less than 140 days. Plexus Law is a specialist insurance litigation legal practice at Parabis and Premier Medical is the U.K.’s primary medico-legal services provider.
PICAS, competing with five others in the Project of the Year category, is a unique collaboration between the three critical parties involved in the settlement of personal injury claims medical reports – medical, legal and insurance. Reports from referring doctors are automatically imported into PICAS using the cutting-edge medical reporting software, WARP, used by Premier Medical. Firstly, solicitors enter their valuation of the claim, which is then compared to the PICAS valuation. This is based on similar injuries and claims held in ISO's Claims Outcome Advisor (COA) database of historical settlements using information covering more than 18,000 medical conditions and data from more than 10,000 recent settlements. Because these claim settlements have been assessed and agreed to by both solicitors and insurers, all parties can be confident that PICAS provides a fair, independent valuation of a claim, with less potential for points of dispute.
Commenting on the news, Joe Pendle, Director of Client Services at ISO, said: "The PICAS team is proud to have pioneered the industry's first solution to entirely digitise the personal injury claims reporting process. PICAS is designed to help all parties within the claims lifecycle – solicitors, insurers and claimants – but above all, to settle claims quickly and fairly.
"To be shortlisted for the KnowList Awards 2010 is a great endorsement of our efforts," added Joe Pendle. "In light of the Ministry of Justice's (MoJ) reforms to redress the current cumbersome Personal Injury (PI) claims process, PICAS has shown what is possible and is setting the standard for the claims industry as a whole."
The awards will be held on Thursday 21st January 2010 at the Renaissance Chancery Court Hotel, London.
About Claims Outcome Advisor
ISO Claims Outcome Advisor is a 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 almost thousands of 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 upon and implemented for fair and accurate settlements.
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, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; 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 subsidiary of Verisk Analytics. For more information, visit www.iso.com and www.verisk.com or contact:
Business Development Manager, ISO
Tel: 01252 761055
The Press Office – PR for ISO
Tel: 01780 721433