NEW YORK, July 27, 1999 – Insurance Services Office, Inc. (ISO) and NetMap Analytics, Inc. have formed a strategic alliance that will offer insurers a decisive new weapon to combat the property/casualty industry's $20-billion-a-year fraud problem.
"The ISO ClaimSearchSM database – the property/casualty industry's antifraud claims system – combined with NetMap's NetMap for Claims software can significantly enhance insurance investigators' ability to detect fraud," said Donald J. Rainone, ISO's executive vice president for marketing and strategic planning. "This alliance will have a direct impact on reducing the cost of fraud and improving insurers' bottom-line results."
"After extensive evaluation of fraud-detection technologies, ISO selected NetMap's NetMap for Claims," said Rainone. "NetMap for Claims is the only software system able to analyze millions of records in insurer databases and then cross-reference them against the 135 million claims in the industrywide ISO ClaimSearch system," said Rainone.
Customers will be able to use NetMap for Claims software with the ISO ClaimSearch system starting this fall. NetMap Analytics and ISO will provide a seamless interface between NetMap for Claims software and the ISO ClaimSearch system.
"Prudential has used NetMap for Claims in combination with ISO ClaimSearch for the past six months. With them, we have been able to uncover additional instances of fraud that we may not have been able to detect as easily without this technology," said Thomas J. Mulvey, national director of the special investigation unit at Prudential Property & Casualty Insurance Company. "In addition, NetMap and ISO ClaimSearch have been extremely valuable in terms of saving time and resources. With NetMap and ISO ClaimSearch, we can review the same number of files in about 15 minutes that previously would take three to four days of an investigator's time."
Five insurers that, together, write $33.5 billion in property/casualty premiums already use NetMap for Claims software to find potential fraud in their own databases. NetMap's visual link analysis finds the hidden connections within data, such as one address or Social Security number tied to several names on multiple claims. NetMap presents these links in a clearly understandable visual format that conveys the meaning behind those connections.
"NetMap 'connects the dots,' even when the pieces are so separated by time or geography that no one would be able to see the pattern otherwise – at least not without weeks or months of tedious work," said Herb Jones, NetMap Analytics president and chief executive officer. "The ability to apply this technology to ISO's extensive national database, and integrate that analysis with the study of the insurer's own claims data, has the potential to reveal fraudulent activity that could never be found otherwise."
In 1997 the property/casualty industry turned to ISO to create an all-claims database that would help insurers detect patterns of fraud and process meritorious claims faster. ISO acquired the databases of the American Insurance Services Group and the National Insurance Crime Bureau and brought them together in the ISO ClaimSearch system – a universe of claims information for property, liability, and motor-vehicle claims.
In addition to claims services, ISO provides statistical, actuarial, and underwriting information and analyses; consulting and technical services; policy language; and information about specific locations for a broad spectrum of personal and commercial lines of insurance. ISO's customers include more than 2,900 insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, financial-services firms, regulators, and various government agencies.
Founded in 1990, NetMap Analytics is a technology firm that uses NetMap, its innovative visual link analysis technology, to deliver solutions to specific business problems in discrete market sectors. NetMap Analytics offers NetMap for Claims software,the premier fraud-detection solution designed specifically for the property/casualty insurance industry, as well as NetMap for Financials, which attacks the problem of internal financial fraud. In addition, NetMap technology is widely used by law-enforcement agencies and intelligence communities worldwide.
NetMap Analytics is headquartered in Westerville (a Columbus, Ohio, suburb), with sales and support offices in Chicago, Dallas, Baltimore, and Philadelphia. It is a privately held company, financed with venture capital. NetMap Analytics can be reached by calling 800-NETMAPS.
Editor's Note: To arrange for a demonstration of NetMap for Claims with ISO ClaimSearch data, call Carrie Reber 614-523-1067, ext. 301.
NetMap, NetMap for Claims and NetMap for Financials are trademarks of NetMap Analytics, Inc. ISO ClaimSearch is a service mark of Insurance Services Office, Inc.
For NetMap Analytics:
(614) 523-1067 ext. 301