Aon Unit Valley Oak Systems Implements iVOS(R) Policy Admin System at Connecticut Interlocal Risk Management Agency
10 Marzo 2008 - 2:00PM
PR Newswire (US)
iVOS(R) 'one system' claims and policy solution increases
automation and provides real-time intelligence for CIRMA's workers'
compensation program SAN RAMON, Calif., March 10
/PRNewswire-FirstCall/ -- Valley Oak Systems, Inc., a unit of Aon
Corporation (NYSE:AOC) and a leading provider of insurance
technology solutions, today announced that Connecticut Interlocal
Risk Management Agency (CIRMA), one of the largest, most
sophisticated public entity risk management pools in the nation,
has implemented Valley Oak's iVOS Policy Administration System. In
2005, CIRMA implemented the iVOS Claims Management System, so it
now leverages iVOS as a complete "one system" solution for its
workers' compensation program. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) CIRMA
serves the risk management and risk financing needs of Connecticut
municipalities and local public agencies. After more than 27 years
of operation, CIRMA has become the market leader in public entity
coverage, serving 85 percent of the municipalities in Connecticut
and having grown 600 percent since 2000. "With our success in the
market, our vision is to establish a holistic automation strategy,"
said Bruce Wollschlager, president and chief executive officer at
CIRMA. "In our workers' compensation pool, we previously had two
separate systems -- one for claims management and a second for
policy administration. The result was separate silos of information
and a manual, spreadsheet-based approach to underwriting member
policies. Ultimately, we envision an integrated IT platform across
our enterprise that enables data integration, seamless sharing of
information, and a high level of automation." The iVOS Policy
Administration System offers a wide array of capabilities to assist
insurance companies and risk pools in processing and administering
policies, as well as underwriting and rating coverage: -- A highly
flexible rating engine that allows insurance carriers and risk
pools to "plug in" their unique rating algorithm or premium
calculations to automate underwriting and pricing, as well as
robust customization to meet any insurer's business needs. --
Comprehensive policy transactions, including new submissions,
renewals, amendments, rewrites, reinstatements, cancellations, and
out-of-sequence endorsements, as well as complete auditing
capabilities. -- A powerful reporting tool to analyze policy,
claims, and risk intelligence; users create and modify reports
using easy-to-use customization capabilities. -- A sophisticated
business rules engine that automates policy workflow, improves
underwriting decision-making, and enhances the rate of
straight-through processing. -- Compliance with regulatory
requirements, as well as adherence to legislative updates. -- An
integrated billing module that efficiently invoices clients for
premiums. -- The ability to leverage iVOS as a "one system"
solution, utilizing additional modules-such as claims management,
medical bill review, event reporting, case management, and
billing-to support complete workflow, process, and business
objectives. "From a management perspective, iVOS reports provide
real-time risk intelligence to effectively manage our book of
business," said Steven Bixler, vice president of underwriting,
marketing and member relations at CIRMA. "We replaced an archaic
system, which relied heavily on manual processes. As a result, our
underwriting staff is now able to focus on the complexity of the
underwriting process, rather than manual procedures. The advanced
platform allows us to maximize our ability to analyze risk for
optimal member plans, retention, and market growth, as well as
meeting financial objectives." CIRMA's workers' compensation
premiums are based on payroll and an experience modification
factor. With iVOS Policy Administration System, collecting and
auditing member payroll is now seamless, with data electronically
uploaded into the system. As a "one system" solution, iVOS
automatically pulls together real-time claims and policy
information for actuarial reports. Using the system's sophisticated
rating engine, CIRMA automatically computes each member's
experience modification factor and calculates premium rates. "Being
able to offer insurance companies and risk pools the iVOS Policy
Administration System is a critical milestone in the evolution of
our "one system" solution set," said Randy Wheeler, chief executive
officer at Valley Oak Systems. "Working with CIRMA was phenomenal,
as the organization is a great business partner. We worked together
to outline specific system requirements and customizations. CIRMA
was highly organized and willing to dedicate the right resources to
make the implementation a success." Wollschlager and his team are
looking forward to the next phase of their automation strategy,
which will enable an enterprise approach to member risk management.
"The next step is to implement the iVOS Policy Administration
System in our liability-automobile-property (LAP) pool," said
Wollschlager. "When this phase is complete, we'll have an
enterprise-wide view of our business, and improve reporting and
data analysis capabilities to enhance decision-making throughout
our organization." About Connecticut Interlocal Risk Management
Agency Initially formed in 1980 in response to the workers'
compensation crisis, today CIRMA provides a comprehensive offering
of coverage options, member educational opportunities, and
consulting services. CIRMA operates two risk-sharing pools: a
workers' compensation pool and a liability-automobile-property
pool. Since its inception, CIRMA has successfully expanded to
accommodate new members and programs, and its success has been
based on solid financial performance and a strong base of loyal
members. For more information, visit them at http://www.cirma.org/.
About Valley Oak Systems, Inc. Founded in 1994, Valley Oak Systems
(http://www.valleyoak.com/), a unit of Aon Corporation (NYSE:AOC),
provides quality software that enables clients to achieve
outstanding efficiency and performance in insurance administration,
including claims management, medical bill review, policy
administration, case management, billing, and events management.
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 (NYSE:AOC) is the leading global provider of risk
management services, insurance and reinsurance brokerage, human
capital and management consulting, and specialty insurance
underwriting. Through its 43,000 professionals worldwide, Aon
readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was ranked by A.M. Best as the number
one global insurance brokerage in 2007 based on brokerage revenues,
and voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. Media Contact: Cynthia Chow Valley Oak
Systems 925-242-4600
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Cynthia Chow of Valley Oak Systems, +1-925-242-4600, Web site:
http://www.aon.com/ http://www.valleyoak.com/ http://www.cirma.org/
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