First fraud-fighting data initiative completed
To improve industry resources available in the fight against fraud, a Fraud Data Working Group composed of representatives from insurance companies, ISO, and the National Insurance Crime Bureau (NICB) developed eight data initiatives. The group designed the initiatives to improve data sharing, analytics, and collection.
We’re pleased to announce that ISO ClaimSearch® completed the first data initiative in July.
That initiative:
- adds optional fields to the ISO ClaimSearch database at the party-to-loss level
- requires insurers to transmit through Universal Format and change current data-reporting file specifications
ISO has distributed updated copies of the Universal Format reporting specifications manual to companies reporting through system-to-system transmissions. You can also download the manual by clicking the “User Manuals and Guides” link on the ISO ClaimSearch home page.
The NICB and ISO are currently putting Initiatives 2 and 6 into effect. The initiatives will change the criteria and the process for submitting questionable claims data to the NICB. Once the changes are in effect, you’ll be able to identify better-quality leads to increase prosecutions and loss mitigation activity. ISO will also streamline the process for reporting questionable claims to
the NICB.
If you have any questions, e-mail us or call 1-800-888-4476 (option 2, option 2). With your cooperation, we can achieve significant progress in the battle against insurance claims fraud.
Eight data initiatives
Initiative 1: Add optional fields to ISO ClaimSearch database at the party-to-loss level
Completion date: July 2007
Initiatives 2 and 6: Change process and criteria for submitting questionable claims data
Completion date: October 2007
Initiative 3: Output results in an electronic format for analysis
Completion date: first-quarter 2008
Initiative 4: Revise ISO ClaimSearch match report output
Completion date: fourth-quarter 2007 (with Initiative 5)
Initiative 5: Include the top 15 common fraud indicators across all lines of business in ISO ClaimSearch match reports
Completion date: fourth-quarter 2007 (with Initiative 4)
Initiative 7: Designate certain optional fields as “very important” and create management reports to track how often insurers populate the fields
Completion date: first-quarter 2008
Initiative 8: Create functionality for batch reporting of fraud-ring-related claims
Completion date: to be announced
|
