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.
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