JERSEY CITY, N.J., February 19, 2014 - ISO is working with the Alaska Department of Labor and Workforce Development (ADOL) to create an EDI Data Quality Improvement Program aimed at improving the overall quality and usability of workers comp data among the state and its data reporters. The program, which is the first of its kind, is due to be rolled out in April, 2014. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
Through the voluntary program, all participating ADOL data reporters will report claims data electronically using ADOL's web interface, wcCaptureTM - ISO's workers comp claims data collection and compliance monitoring system. To monitor data quality and identify reporting issues, those participating ADOL data reporters will also have access to their own compliance metrics and data reporting statistics from wcAnalyzerTM - ISO's workers compensation analytics platform.
By participating in the program, ADOL data reporters receive a detailed report card each quarter. The report card clearly identifies any data quality issues, providing data reporters with a visible path to achieving ADOL's high standards of data quality. ADOL data reporters will also have the option to acquire seat licenses to wcAnalyzer, so they can perform their own additional analyses with their data. wcAnalyzer allows both ADOL and its data reporters to take a proactive approach to monitoring and tracking compliance performance.
"I don't think there's any debate as to the importance and value of the data our industry manages. Accordingly, we must make certain that the data we use is of the highest standards of integrity and timeliness and converted into usable, consumable goods widely available to our industry," said Mike Monagle, director of the Division of Workers' Compensation - Alaska Department of Labor and Workforce Development. "This program represents a great first step in placing ADOL and our data reporters on the same page. Creating a more collaborative environment between ADOL and our data reporters in which high-quality data can be shared and leveraged with analytic technologies can hold real benefit in managing the health of the workers comp system."
"Working together to improve the quality and usability of workers comp data through a program such as ADOL's just makes good sense," added Michael D'Amico, principal - ISO's Workers Compensation Solutions. "By viewing our industry data at a slightly different angle, one can begin to appreciate the extraordinary value that advancements in analytics can bring to our industry, such as the ability to perform sophisticated claims analysis at an unprecedented level. The introduction of this state-sponsored Data Quality Improvement Program will provide even greater value in the years to come."
ISO is currently developing new data quality improvement tools that will be added to the Data Quality Improvement Program. This program will continue to evolve over time.
As a major participant in the workers comp arena, ISO maintains active relationships with the top industry organizations, working to develop EDI standards and improve the way the industry manages and uses its vast amount of data.
About ADOL
The Division of Workers' Compensation is the agency charged with the administration of the Alaska Workers' Compensation Act (Act). The Act provides for the payment by employers or their insurance carriers of medical, disability, and reemployment benefits to injured workers. The Division is required to administer the Act in a manner that is both fair and efficient to all parties. In addition to its administrative function, the Division also houses the Alaska Workers' Compensation Board, which hears disputes arising between employees and employers or their insurance carriers regarding the payment of benefits under the Act.
About ISO
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information visit www.iso.com and www.verisk.com.
Contact:
Erica Helton/Giuseppe Barone
MWW Group (for ISO)
(201) 507-9500
ehelton@mww.com
gbarone@mww.com