Claims specialist Insurance Services Office (ISO) has launched a new claim diagnostic service for insurance companies to benchmark company-wide claims settlement practices and compare those with industry norms.
ISO's claim diagnostic benchmarking service analyses organisations' claims portfolios, providing comparisons of their claims handlers, divisions, and offices; the severity of claims against settlement amounts; and the speed of
settlement and most common injuries.
This enables companies to drill down to detailed information on individual injury severity and move beyond basing personal injury claims analysis on average levels of settlement.
Vice president of ISO Claims Services Lee E. Fogle said: "By analysing medical and bodily injury data in our unique database of personal injury and workers compensation claims, ISO's new service provides an easy-to-use method that claims executives and senior management can use
to graphically view injury and settlement trends in their books of business."
