Is your claimant or person of interest in bankruptcy? Are there outstanding liens against him or her? Claims and SIU professionals need as many insights as possible when evaluating a claim, including background information on the claimant — and other parties to the claim. Information from bankruptcy, liens, judgments, and foreclosure filings can drastically help [...]
fraud
In the war on fraud, the bad news just keeps coming. In a new study published by Aite Group, total fraud losses for the property/casualty insurance industry are estimated at an eye-popping $64 billion. There’s more: The study predicts that fraud losses will climb to $80 billion by 2015. Of the $64 billion total for [...]
ISO implemented several changes to the claim reporting function: Scheduled property indicator — The fraud-fighting enhancement indicates if lost or stolen personal property is scheduled (specifically insured under an inland marine endorsement) or unscheduled. The new indicator will provide adjusters and SIU important information, such as patterns of multiple scheduled property losses or the reporting [...]
In 2012, we implemented several changes to the ISO ClaimSearch® Claims Inquiry function to improve the end-user experience for claims adjusters and SIU personnel and provide increased efficiency and more precise searching of the database. Here are some of the new enhancements: Search Alert — The new feature allows you to use ISO ClaimSearch as [...]
In 2012, ISO ClaimSearch continued to provide insurers with a number of integrated compliance solutions. Here are some of last year’s accomplishments: We operated the ISO ClaimSearch Medicare Secondary Payer Reporting Service (MSP on behalf of 689 companies representing more than 2,226 responsible reporting entities (RRE). It included processing approximately 15 million queries each month [...]
The year 2012 was noteworthy for ISO ClaimSearch®. We added more than 66.4 million new claims, a 9.5 percent increase over the number of new claims added in 2011. The database contains 843.7 million claims across all lines of business, as of the end of 2012. The system processed 87.3 million updates to existing claims, [...]
