ISO Expands Relationship with NJCRIB to Manage Its Transition to IAIABC Release 3 for FROI/SROI
JERSEY CITY, N.J., February 1, 2012 -- ISO has expanded its relationship with the New Jersey Compensation Rating and Inspection Bureau (NJCRIB) by providing implementation services for NJCRIB's migration from IAIABC Claims Release 1 to Release 3 for data reporting of first reports of injury (FROI) and subsequent reports of injury (SROI). IAIABC is the International Association of Industrial Accident Boards.
NJCRIB is requiring that all its trading partners (insurers, self-insured employers, and claims administrators) complete migration to the IAIABC Release 3 standard for electronic data interchange (EDI) reporting by June 30, 2012. On NJCRIB's behalf, ISO is managing all interaction with its trading partners, providing an informational website (www.njcribedi.info), and handling reporting inquiries to provide for a smooth transition.
ISO's relationship with NJCRIB dates back to 2008, when the bureau selected ISO as the state's EDI vendor for FROI/SROI using the IAIABC Release 1 standard.
"NJCRIB selected ISO to take over management of its Release 1 FROI/SROI EDI initiative because of ISO's proven track record of reliability and expertise, the stability of its platform, and its high level of data quality," said Frederick A. Huber, executive director, NJCRIB. "Working with ISO to move to Release 3 was a natural progression."
New Jersey is one of 12 states so far to adopt IAIABC Release 3. Release 3 is the next step in advancing the goal of efficiency and cost reduction in workers comp data reporting while ensuring that claims are paid accurately and on time and that critical information to measure and improve workers comp systems is available.
New Jersey is also an early adopter of workers comp data analytics. NJCRIB recently purchased the wcPrism(R) medical data cube designed specifically for the data collection organization (DCO) medical data call. The sophisticated analytics cube can provide states with a clear picture of reporting and compliance performance and facilitates the understanding of medical costs and claim leakage. By giving users the ability to view and mine data in real time, the tool helps uncover diagnosis, procedure, and prescription trends of doctors providing treatment, facilities where treatment occurs, and other medical-related data. The wcPrism medical data cube is part of the wcPrism suite of workers compensation data management, compliance, and analytic solutions with offerings for both states and carriers.
"We're pleased to be working with NJCRIB in its efforts to embrace new advancements in technology that will increase the bureau's flexibility and adaptability to meet workers comp challenges now and in the future," said Robbie Tanner, director, Workers Compensation State and Analytic Solutions, ISO. "By adopting efficient ways to manage massive amounts of data and analyze that data to understand hidden trends, both states and carriers can better deal with the unpredictable and complex nature of the workers comp line."
ISO has long been an active participant in helping the IAIABC establish its industry standards for efficient data reporting. ISO is currently working with three other states in their adoption of IAIABC standards and offers transactional data reporting and analytic services to both states and carriers.
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.
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Susan Kenney/Jessica Riccardi
MWW Group (for ISO)
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Source: Verisk Analytics Inc. via Thomson Reuters ONE