Financial Services Industry
Industry: Email Alert RSS FeedISO claim-handling program targets workers' compensation.(Technology Tools)
Claims, August, 2004
Insurance Services Office has added a workers' compensation claim-handling component to its claims Outcome Advisor. The new Workers Compensation COA addresses the rising costs of payments for lost wages and medical treatments by streamlining claim-handling practices anti calculating more accurate loss reserves.
"The workers' compensation claim business needs better automation and bench-marking to manage return-to-work plans and ensure more accurate loss reserving," said Lee Fogle, ISO vice president of Claims Services. "ISO's COA solution incorporates a medical encyclopaedia, audit trails, and a medical analysis system that insurers can use to compare information quickly, establish benchmarks, and comply with standards. As a result, claim handlers can manage...
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