The Insurance Accounting & Systems Association, Inc. (IASA) and Ward Group announced Beacon Mutual as the winner of the 2015 IASA Technology Innovation Award.
The winning project was the successful implementation of straight through processing for claims handling of med-only workers’ compensation claims. Beacon Mutual policyholders can now enter first notice of loss via a web-based platform, with the system adjusting the claim and setting statistical reserves automatically. With 70% of Beacon’s claims being medical-only, 60% of those claims can now be automatically adjudicated, resulting in significant savings. The nine month project was successfully completed with the Beacon’s existing IT resources.
Beacon Mutual was one of three finalists, along with Mutual of Enumclaw and Sagicor Life Insurance.
"In addition to Beacon Mutual’s award winning initiative we also want to recognize the outstanding accomplishments of the other finalists for their innovative application of technology,” said Carlos Correa, IASA’s CIO and vice president of Technology with Liberty International Underwriters. “It gets more difficult each year to choose among the many outstanding submissions, demonstrating how insurers are truly embracing and successfully implementing new technologies and processes to change how they are doing business to meet and exceed business objectives.”
