Release: Immediate
Contact:
Mark Strang
Tel: 01252 761055
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Claire Grant, IBA - (PR for ISO)
Tel: 01780 721433
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- New system minimises negotiation time between claimant representatives and compensators
- Claim agreed upon through the automated process can be settled within minutes
- Enhances and streamlines the current Ministry of Justice (MoJ) process
, the U.K.'s leading provider of personal injury claims
solutions, has launched PICAS Plus, a major new version of
its award-winning Personal Injury Claims Automated Settlement
programme. PICAS Plus works with the industry-leading ISO
Claims Outcome Advisor®(COATM) to
automate the evaluation of motor personal injury (PI) claims.
Using information covering 18,000 medical conditions, COA
provides users greater consistency of valuations.
As part of the MoJ settlement process, claimant
representatives currently have to value the claim when
submitting a Stage Two Settlement Pack through the MoJ claims
settlement portal and must attach the appropriate medical
report and special damage evidence electronically. With PICAS
Plus, the ISO system can import medical details via the
appropriate medical reporting software, which automatically
populates COA with the relevant information and then
automatically runs an estimated settlement assessment on
behalf of the compensators.
By using PICAS Plus, compensators can dramatically reduce the
time that claims handlers spend inputting data and
negotiating claims. If the compensator, using COA, values the
claim similarly to the value proposed in the Settlement Pack,
the case will settle automatically without further claims
handler involvement. Since being implemented earlier this
year, PICAS Plus has demonstrated the ability to reduce
claims processing time from days to minutes. In one recent
case, a claim submitted through the portal was settled in
under 30 minutes, including exchange of counteroffers.
Commenting on the launch, Joe Pendle, director of Client
Services at ISO, said, "The increased automation of PICAS
Plus makes the system extremely easy for both claimant
representatives and claims handlers to use. PICAS Plus was
designed to work within the normal MoJ settlement process, so
claimant representatives are required to submit only the
Stage Two Settlement Pack, as they do nowawait the results of
the evaluation. Normally the results are available within
minutes."
"The increased automation that PICAS Plus delivers
revolutionises the personal injury claims process to the
benefit of all parties involved: claimants, claimant
representatives and compensators. The new PICAS Plus system
further streamlines the process in an environment where all
stakeholders are looking to minimise handling costs,"
continued Pendle. "This system currently is available only
for motor personal injury claims, but the principles involved
could be rolled out to other types of claims if the MoJ
portal is extended. The speed at which claims are being
settled via PICAS Plus could potentially shape the way all
insurance claims are handled."
About ISO
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, underwritingclaims
information; policy language; information about specific
locations; fraud-identification tools; and technical
services. ISO serves insurers, reinsurers, agents and
brokers, insurance regulators, risk managersother
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 .
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