ISO Enhances Workers' Comp Suite with Financial Application

ISO has selected Pragmatix, a developer of compliance reporting solutions for the insurance industry, to provide ISO's wcPrism customers with services for aggregating and submitting their financial call data to satisfy state regulatory requirements.

wcPrism customers will still send all data from their policy administration, claims processing, and injury processing reporting systems throughout the year to wcPrism using its transactional data reporting format. But now, wcPrism will send the financial data through a feed to the Pragmatix Financial Call Reporter application, which will aggregate and reconcile carriers' data before submission.

The Pragmatix Web interface application, which is already used by 40 percent of data collection organizations, creates a direct link between wcPrism customers and the DCOs.

"We chose to work with Pragmatix because of their solid reputation for providing innovative, best-of-breed applications for workers' comp data reporting and their experience in developing those applications for state data collection organizations," said Michael D'Amico, assistant vice president, ISO's workers compensation information services. "The Pragmatix FCR application is a perfect complement to our wcPrism suite of data reporting services."

For workers comp carriers, reconciling financial data with unit statistical data to meet increasingly stringent regulatory requirements is a complicated, labor-intensive, and costly process. Relying on separate databases, applications, and legacy systems to reconcile data is too cumbersome to meet changing reporting requirements efficiently and cost-effectively.

"Working with Pragmatix, we're streamlining the process, making it easier for carriers to respond to annual financial calls in a timely, cost-effective manner that frees up carrier resources for other critical business functions," says D'Amico.

"Pragmatix solutions for workers' compensation data reporting were designed to reduce reporting costs for the industry--both the carriers that write the policies and the state data collection organizations that analyze the data," says Bill Abram, president of Pragmatix. "We are pleased that this relationship with ISO will allow us to extend those benefits to an even broader client base."

Pragmatix FCR automatically populates a carrier's aggregate financial reports with the pertinent data for submission to the proper DCO. Through a Web application design that includes a rich spreadsheet interface for editing the calls in a browser, FCR allows carriers to enter and edit data and submit their aggregate financial reports. After uploading calls and editing the data, carriers will automatically be able to send their data directly to the DCOs. FCR provides immediate feedback on submissions and also manages communications between carriers and DCOs, maintaining a record of announcements, call assignments, responses, and criticisms entered into and sent from the system.