ISO has bolstered its ISO Claims Outcome Advisor (COA) with a workers’ compensation claims-handling solution.
ISO’s new Workers’ Compensation COA solution addresses the rising costs of payments for lost wages and medical treatments by streamlining claims-handling practices and calculating more accurate loss reserves. The COA workers’ comp product is based on scientific methodology that adheres to medically-recognized standards.
COA reportedly understands the treatment protocols and the severity and recovery implications of more than 18,000 medical conditions, including injuries, treatments, complications and preexisting conditions. It also incorporates an industry-standard job databank of nearly 14,000 occupations.
COA’s “Task Wizard” function allows users to create job and task-related activities, store and customize them for more effective case-specific injury management.
COA combines job activities with medically-recognized recovery times for specific injuries to produce a customized return-to-work plan. The COA workers’ comp solution has information on task assessments, work restrictions, modified tasks and patient tracking. COA is also able to coordinate activities among care providers, patients and employers so injured employees can get back to work as soon as medically possible.
“The workers’ compensation claims business needs better automation and benchmarking to manage return-to-work plans and ensure more accurate loss reserving,” Lee Fogle, ISO vice president of Claims Services, said. “ISO’s COA solution incorporates a medical encyclopaedia, audit trails and a medical analysis system which insurers can use to compare information quickly, establish benchmarks and comply with standards. As a result, claims handlers can manage claims more efficiently and negotiate settlements with claimants more confidently.”
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