ISO launches Personal Injury Claims Assessment Service
Insurance Services Office (ISO) has launched a Personal Injury Claims Assessment Service (PICAS), which has the capacity to entirely digitise the personal injury claims process.
According to the risk data provider, benefits of the new system include speedier contacts between lawyers and insurers and fairer settlements.
Parties can then process claims using an integrated system that allows fast exchange of information and effective communication.
A pilot study involving with three insurers and two law firms reduced the lifecycle of claims by over 50%, from around 290 days to less than 140 days, according to ISO.
PICAS uses WARP Technologies’ medical reporting software to transfer medical reports into a digital format.
From there, reports can be imported into an insurer’s system using a version of ISO Claims Outcome Advisor.
A solicitor can then insert a valuation of a claim into the system and compare it with the insurer’s valuation, which is based on data from 10,000 recent settlements.
Cases held within the database have been assessed by solicitors and insurers, so both parties can expect a fair and independent valuation.
ISO has been working with medico-legal software provider, WARP Technologies, for some time and finally succeeded in integrating its Claims Outcome Advisor system with WARP’s medical reporting software in September of last year.
Category: Companies News, Health Insurance News, Insurance News
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