-- A 16.8 percent ROI versus an anticipated 12 percent ROI
-- Significant savings from medical care discounts and utilization
management
-- Reduced costs of handling medical bills
-- Realized staffing efficiencies
-- Better provision of services to injured workers
The results of this project were judged by an industry panel as
"innovative" and "delivering measurable business impact in the insurance
industry." The distinguished panel of industry experts who participated in
the judging of the award submissions included individuals from ISO,
Insurance Data Management Association (IDMA), TowerGroup, Insurance
Networking News, Novarica, SMA, The Tech Consultant and Ward Group.
"The replacement of our core claims management system was a mission
critical initiative for MEM. As such, we employed a number of new
techniques to engage, focus and empower everyone involved in making it
successful. The tools we selected gave us a solid foundation, and the
methodology we used allowed us the visibility into the process to make the
needed mid-course corrections. We are honored that these efforts are being
recognized by such esteemed organizations as IASA, Ward Group and the other
members of the evaluation committee. Personally, I couldn't be more proud
of the members of the core team and all of the employees that contributed
to making this initiative a success."
There were two projects selected for Honorable Mention in addition to the
winner of this year's award. The first Honorable Mention went to Insurance
Company of the West (ICW) for the company's implementation of the FirstBest
Underwriting Management System, and the second Honorable Mention went to
Physicians Mutual for their work implementing the SOA-based Bill and
Collect Payment System as part of the company's Greenfield Program.
About IASA
The Insurance Accounting & Systems Association, Inc. (IASA) is a
non-profit, education association that strives to enhance the knowledge of
insurance industry professionals, and participants from similar
organizations closely allied with the insurance industry by facilitating
the exchange of ideas and information. IASA is one of the insurance
industry's largest, and most well represented trade associations. IASA
membership includes insurance companies of all types (Property & Casualty,
Life, Health, Fraternal, HMO and others) as members, as well as companies
serving the insurance industry, regulators and also organizations more
broadly representative of the financial services industry, including banks
and investment brokerage firms. Learn more about the IASA by visiting our
website at www.iasa.org or by calling (919) 489-0991.
About Ward Group
Ward Group is a consulting firm dedicated to helping insurance companies
measure results, optimize performance and be more profitable. The firm is
the leading provider of operational benchmarking and best practices
services with expertise in staffing level analysis and expense management.
For more information about Ward Group services, visit www.wardinc.com.
About Missouri Employers Mutual Insurance Company (MEM)
Missouri Employers Mutual is Missouri's No. 1 provider of workers'
compensation insurance. Since opening our doors for business March 1, 1995,
MEM has been dedicated to providing policyholders with exceptional customer
service, quality loss prevention expertise and timely, personal claims
management. Headquartered in Columbia, MEM is a mutual insurance company
benefiting its policyholders -- the employers of Missouri. MEM has more
than a decade of experience writing more classes of business than any other
carrier in the state. We write nearly 600 different classes of business in
all Missouri counties. For more information about MEM, please visit the
company's website at www.mem-ins.com.
Contact Information: IASA Media Contact: Jennifer Overhulse-King St. Nick Media Services (859) 803-6597