Midwest Insurance Companies has signed a licensing agreement with ISO for workers’ compensation data-reporting services. ISO will provide Midwest with premium and loss information, and unit statistical reports the insurer can file with designated statistical agents and state rating bureaus.
Midwest will report its workers’ comp transactional data to ISO. Transactional data reporting allows carriers to capture their data at the time of each policy and claim event. ISO will then compile the workers’ comp premium and loss information corresponding to unit report requirements and submit the data, on behalf of Midwest, to statistical agents in various National Council on Compensation Insurance (NCCI) and independent bureau states where the carrier writes workers’ comp coverage.
ISO’s system makes data reporting transparent to the user. ISO also will develop and compile unit statistical reports for electronic transmission to statistical agents on the carrier’s behalf. The carrier will be able to file paper reports developed by ISO with statistical data collection organizations that do not accept electronic submissions.
Midwest Insurance can also have ISO collect, record and submit claims information that correspond to detailed claim information (DCI) and individual case reports (ICR) requirements of statistical agents.
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