Big Data for Fraud Detection on the Rise

You’ve heard a lot about big data, and to some extent, you’re likely using it already. After all, ISO ClaimSearch®  serves 90 percent of the U.S. property/casualty industry (as measured by direct written premium), and its 900 million records certainly constitute big data. But that’s just a start. According to an article in Insurance Networking […]

ISO ClaimSearch improves searches and enhances customer service

The ISO ClaimSearch® database now contains more than 870 million claims. Participants submit more than 235,000 claim reports a day, providing a constantly updated source of claims information. We continually work to improve the system, and we recently initiated several enhancements to increase efficiency and streamline searching of the database. Claims Inquiry improvements In our […]

Why Fraud Detection Has Become a Strategic Priority

Conventional wisdom holds that adjusters refer roughly 2 percent of claims to special investigations units (SIUs). That may not sound like much and, truth be told, it isn’t. However, that 2 percent has become a new battleground for insurer profitability. In today’s economic climate, fraud prevention, detection, and remediation have gained renewed importance. While the […]

Claim Handling, New Markets, and Profitable Growth

New markets, new products, and new underwriting practices bring new revenue. And then what? Following the near-term benefits, claims start to come in. Many, of course, are meritorious, but some are not.  Whether you’re dealing with new policies or old, that’s the enduring threat to all carrier revenue. While existing insurance programs may have infrastructure, […]

Claims Fraud Detection: What Are Your Priorities?

Claims fraud may occur in only 2 percent of claims, according to some estimates, but early detection — and prevention — are growing in importance. Why? According to a new study by Celent, as reported in Insurance Networking News, property/casualty insurers have faced increasing challenges in generating underwriting profits. Those challenges result in more pressure […]

Property Claims: Do You Suspect Neglect?

When a home enters foreclosure, the risk of neglect increases. Some homeowners no longer see the point of maintaining properties they’re about to lose. Others simply may not be able to afford to make the necessary investments in upkeep. Those problems can result in property claims that increase your expenses and ultimately affect your other […]