UK's Octagon Insurance has selected ISO Claims Outcome Advisor (COA) and the Ministry of Justice (MoJ) case management application to deal with the firm's motor personal injury (PI) claims.
Insurance Services Office (ISO) is a member of the Verisk Insurance Solutions group at Verisk Analytics.
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, which allows insurance broker 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, according to Verisk Insurance Solutions group.
Octagon Insurance said it is now electronically exchanging information with solicitors, eliminating rekeying of data and avoiding entry errors.
Octagon Insurance claims director Peter Goodright said because claims handling is outsourced, the company 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.