Midwest Insurance Companies in Springfield, Ill., has signed an agreement to purchase workers' compensation data from Insurance Services Office, Jersey City, N.J.
ISO, which did not reveal the terms of the licensing agreement, said Midwest would be furnished with reports including 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' compensation 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' compensation 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.
Rick Vogl, Midwest information technology manager, said in a statement, "The selection of ISO made sense in a multistate environment that included both NCCI and independent rating bureaus, thereby making compliance reporting easier in one place, one format, one time."
ISO said its system makes data reporting transparent to the user. The company said it 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 corresponds to detailed claim information (DCI) and individual case reports (ICR) requirements of statistical agents.
ISO Workers Compensation Information Services already provides an array of other solutions to carriers, including proof of coverage, financial data calls, and first and subsequent reports of injury.
Midwest Insurance Co., founded in 1998, has workers' comp as its sole line of business. The company uses independent agents as its exclusive distribution channel.
ISO provides subscribers with products and services that help measure, manage and reduce risk.
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