MWW Group (for ISO)
MWW Group (for ISO)
ISO ClaimSearch Surpasses 800 Million Claims
JERSEY CITY, N.J., June 25, 2012 — ISO announced that the ISO ClaimSearch® all-claims database has surpassed 800 million property and casualty insurance industry claims, with 63.5 million new claims added in the past 12 months. The system also serves state workers compensation insurance funds, self-insureds, third-party administrators (TPAs), state insurance fraud bureaus, and law enforcement agencies. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
The ISO ClaimSearch database serves 93 percent of the U.S. insurance industry and helps insurance companies address suspicious claims activity and insurance fraud.
- As of June 1, 2012, ISO ClaimSearch has a total of 804 million claims records.
- Since the beginning of the year, 26.9 million new claims records have been added, up 8.6 percent from this point in 2011.
- The auto sector has generated the most claims so far this year, 48 percent, followed by casualty at 37 percent, and property at 15 percent
- Seventy-six percent of claim searches have led to hits, with an average of five claims matches per hit.
- ISO ClaimSearch now has more than 87,000 active users.
According to Rich Della Rocca, vice president of ISO Claims Solutions, “Our ongoing goal is to help insurance professionals fight fraud by expanding the ISO ClaimSearch database and adding new services and capabilities.”
ISO ClaimSearch now offers new data sets to investigators researching cases that can help streamline fraud detection and claims evaluation processes and significantly increase productivity in claims departments and SIUs. These new areas include more detailed weather forensic reports, vehicle location information, and data from the internet and social media sites.
“The integration of improved data content across all lines of business was a crucial task in the development of the database. We have appreciated the industry’s support in this effort,” said Della Rocca.
“More than 96 percent of claims are now reported in the ISO ClaimSearch Universal Format, a reporting specification that provides for more input data elements, cross-line search results, and improved fraud detection information in our outgoing reports,” he added.
Through its advanced analytic technology, ISO ClaimSearch helps claims adjusters, special investigation units (SIU), and the National Insurance Crime Bureau identify suspicious claims and fight insurance fraud.
In addition to expanding the size of the database, ISO continues to focus on system improvements and enhancements to increase the value insurers and the industry receive from participating in ISO ClaimSearch.
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.