Nebraska insurance regulators have approved the use of ISO’s Workers Compensation Information Services (WCIS) for electronic proof-of-coverage (POC) filings by insurance carriers writing this line of business.
The approval means ISO’s workers’ compensation customers will be able to use a single data transactional feed from their policy and claims source systems to meet all POC reporting requirements in Nebraska. ISO’s WCIS already uses the same data feed to provide unit statistical reporting, aggregate financial submissions, injury reporting and specialized claim reporting, along with policy reporting and electronic POC submissions to states and data-collection organizations.
ISO’s single approach reportedly consolidates multiple reporting processes, enabling insurers to reduce reporting costs and eliminate redundancy and inefficiencies. ISO’s advanced technology solutions, including web-based tools and flexible processes, reportedly improve workflow and insurers’ ability to meet their data-quality objectives.
State insurance regulators require timely, accurate POC reports from insurance companies to verify that employers maintain adequate workers’ comp coverage for their employees. Although requirements vary by state, POC reports generally must be submitted when workers’ comp policies are issued, renewed, modified, canceled or reinstated.
“ISO’s WCIS is designed as a one-stop shop for insurers to consolidate multiple reporting processes into a single mechanism. Eliminating this detailed reporting chore will allow insurers to stay focused on the critical business challenges of this volatile line of business,” said Carole J. Banfield, ISO executive vice president for information services and government relations. “We are committed to streamlining the process for our customers so they can cut down on reporting costs, eliminate the inefficiencies of paper-based reports and achieve economies of scale while leveraging the power of technology for efficient workflow and quality data submissions.”
The ISO POC service is available to Nebraska insurers effective Dec. 15.
Was this article valuable?
Here are more articles you may enjoy.