London, U.K. — 02 November 2011 — Octagon Insurance has selected ISO Claims Outcome Advisor® (COATM) and the Ministry of Justice (MoJ) case management application to deal with the company’s motor personal injury (PI) claims. Insurance Services Office (ISO) Limited is the U.K.'s leading provider of personal injury claims evaluation solutions. ISO's COA personal injury claims tool manages all aspects of Octagon’s personal injury claims portfolio and helps ensure that its claims settlements are accurate and consistent. ISO's MoJ solution is the industry's first application-to-application (A2A) solution that addresses all three stages of the MoJ reforms for motor PI claims. It enables Octagon Insurance to remain within strict MoJ timelines and maximise the efficiency of its claims-handling operations.
Before the ISO implementation, Octagon Insurance employees accessed the insurance industry portal manually to see if claims had been reported, putting heavy reliance on individual negotiators to meet the strict MoJ deadlines. ISO's case management application links directly to the industry's claim portal to streamline and accelerate the claims process. Octagon Insurance now electronically exchanges information with solicitors, eliminating rekeying of data and avoiding entry errors. Because the case management system is aligned to ISO Claims Outcome Advisor, Octagon has cases set up in the system ready for the quantum assessment once a claimant’s settlement pack arrives via the portal, further accelerating the process.
Peter Goodright, claims director for Octagon Insurance, commented, "A major factor in selecting the ISO MoJ solution was the built-in Management Information System that it provides. It enables us to compare claims with similar past cases to see exactly how much claims with similar injuries have previously settled for. Because our claims handling is outsourced, we gain increased control through COA and can monitor the productivity of external claims handlers much more easily through examining the management information collected by the system."
"After spending a considerable amount of time processing motor PI claims manually via the industry portal, we have witnessed a significant increase in the speed at which we can process claims with the help of ISO’s COA and the MoJ application," continued Goodright. "ISO’s flexibility in the implementation and training processes was second to none, and we have been delighted with the results so far."
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 member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com or contact:
Tel: 01252 761055
Claire Grant, IBA – PR for ISO
Tel: 01780 721433