Aon's Valley Oak Systems Selected by Workforce Safety & Insurance
23 Luglio 2007 - 2:00PM
PR Newswire (US)
The iVOS 'One-System' Claims and Insurance Solution Targeted to
Save North Dakota's Workers' Compensation Program $2.7 million
Annually SAN RAMON, Calif., July 23 /PRNewswire-FirstCall/ --
Valley Oak Systems, Inc., an Aon company (NYSE:AOC) and leading
provider of insurance solutions, today announced that Workforce
Safety & Insurance (WSI), North Dakota's exclusive workers'
compensation carrier, has selected Valley Oak's flagship iVOS
solution as its new workers' compensation system. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) WSI will
implement the claims management and policy administration
components of iVOS, the "one-system" claims management solution
that integrates core insurance processes, including medical bill
review, policy underwriting, case management, billing, events
management, and other related functions for multiple lines of
insurance. As the exclusive provider of coverage, all businesses in
North Dakota are required to purchase workers' compensation
insurance through WSI. Leveraging iVOS, WSI anticipates significant
efficiency gains and a potential savings of $2.7 million annually,
as its team will be able to offer more effective claims management
and loss control services. WSI has a tradition of functioning more
like a business than a government agency. The organization operates
entirely on premiums to pay claims and administrative expenses, not
state taxes. As a tribute to WSI's program leadership, North
Dakota's workers' compensation benefits rank among the top half of
states, and for the last six years, it has achieved outstanding
financial performance, allowing it to be ranked as the state
charging the lowest premiums. "Even with our outstanding
accomplishments, we've been hindered by a 10-year-old claims system
that has no global architecture. Written in outdated code and
requiring significant maintenance, it was basically the 'burning
platform' that forced us to look for a new system," said James
Long, Chief of Support Services at WSI. "Of the solutions we
evaluated, iVOS is hands down the best claims system on the market,
and it provides a truly 'one-system' approach, which means we'll
have claims and policy administration on one modern, browser-based
platform. We'll also be able to integrate our Optical Character
Recognition (OCR) system, and offer online reporting of injuries to
reduce paper by an additional 10 percent." "WSI is passionate about
delivering cost-effective coverage for employers and maximum safety
for North Dakota's workforce," said Randy Wheeler, founder and CEO
of Aon's Valley Oak Systems. "With iVOS, their organization will
realize additional cost-savings and operational efficiencies, and
will be able to identify and target problem areas with safety and
loss prevention initiatives. In addition, our browser-based
technology is a 24/7 solution that creates a collaborative platform
on which employers can electronically submit information; adjusters
can work remotely, and claims are managed for best- possible
outcomes." About Workforce Safety & Insurance Workforce Safety
& Insurance (WSI) is North Dakota's exclusive workers'
compensation carrier. Its core vision is to provide quality
coverage and services to employers and injured workers. WSI
emphasizes safety in the workplace and enlists the help of every
business in North Dakota to prevent and reduce injuries. Its Loss
Prevention Department and Education Unit provide a wide range of
services to employers, including free safety consultations,
assistance in qualifying for safety discounts, and resource
material on occupational safety and health topics. About Aon's
Valley Oak Systems, Inc. Founded in 1994, Aon's Valley Oak Systems
(http://www.valleyoak.com/) provides high quality software that
enables clients to achieve outstanding efficiency and performance
in insurance administration, including claims management, medical
bill review, policy underwriting, case management, billing and
events. Due to its client-focused approach, Valley Oak Systems has
established itself as an industry leader in insurance solutions,
and its comprehensive iVOS system was recognized for its business
impact with the 2006 IASA Technology Achievement Award. About Aon
Aon Corporation (http://www.aon.com/) is a leading provider of risk
management services, insurance and reinsurance brokerage, human
capital and management consulting, and specialty insurance
underwriting. There are 43,000 employees working in Aon's 500
offices in more than 120 countries. Backed by broad resources,
industry knowledge and technical expertise, Aon professionals help
a wide range of clients develop effective risk management and
workforce productivity solutions. Contact: Jennifer Lee Valley Oak
Systems 925-242-4600 This press release contains certain statements
related to future results, or states our intentions, beliefs and
expectations or predictions for the future which are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from either
historical or anticipated results depending on a variety of
factors. Potential factors that could impact results include:
general economic conditions in different countries in which we do
business around the world, changes in global equity and fixed
income markets that could affect the return on invested assets,
fluctuations in exchange and interest rates that could influence
revenue and expense, rating agency actions that could affect our
ability to borrow funds, funding of our various pension plans,
changes in the competitive environment, our ability to implement
restructuring initiatives and other initiatives intended to yield
cost savings, our ability to execute the stock repurchase program,
potential regulatory or legislative changes that would affect our
ability to sell, and be reimbursed at current levels for, our
Sterling subsidiary's Medicare health product, changes in
commercial property and casualty markets and commercial premium
rates that could impact revenues, changes in revenues and earnings
due to the elimination of contingent commissions, other
uncertainties surrounding a new compensation model, the impact of
investigations brought by state attorneys general, state insurance
regulators, federal prosecutors, and federal regulators, the impact
of class actions and individual lawsuits including client class
actions, securities class actions, derivative actions, ERISA class
actions, the impact of the analysis of practices relating to stock
options, the cost of resolution of other contingent liabilities and
loss contingencies, and the difference in ultimate paid claims in
our underwriting companies from actuarial estimates. Further
information concerning the Company and its business, including
factors that potentially could materially affect the Company's
financial results, is contained in the Company's filings with the
Securities and Exchange Commission.
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Jennifer Lee of Valley Oak Systems, +1-925-242-4600, Web site:
http://www.aon.com/ http://www.valleyoak.com/
Copyright
Grafico Azioni AON (NYSE:AOC)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni AON (NYSE:AOC)
Storico
Da Lug 2023 a Lug 2024