Insurance Services Office (ISO), has launched a new “Pay as You Go” pricing model for its Claims Outcome AdvisorTM (COATM) personal injury claims solution. The new pricing option enables insurance companies, for the first time, to use the new COA 3.0 web-based solution via an ASP model and pay for the system on a claim-by-claim basis. This simplifies budgeting, increases financial visibility and lets insurers fast-track the deployment of COA 3.0.
The new pricing model enables insurance companies to have their claims managed, using COA invoiced directly to the case files in the same way that medical examination costs and solicitors’ fees are charged. Making the cost of COA directly attributable to individual cases improves financial visibility by highlighting the reduction in total payout on each file. Using the new model also avoids capital expenditure or raising separate budgets for up-front licensing or monthly subscriptions. This initial low investment also speeds up procurement decisions and, combined with ISO’s comprehensive training and consultancy services, enables companies to fast-track their deployment of the solution. Claims handlers can be up and running with the Web-based solution in days and weeks rather than months.
COA 3.0 now enables medical professionals to produce e-medicals and directly enter information about the injury onto the system, so claims handlers do not have to interpret their medical reports and re-input the data. This will speed up claims management, make the process more accurate and help reduce fraudulent exaggeration of claims. COA 3.0 also allows other third parties such as solicitors to access certain modules and monitor the progress of claims. Further enhancements to the solution enable managers to easily produce reports via the Web and include a medical encyclopedia, written especially for claims handlers.
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