NEW YORK, Aug. 8, 2000 — Insurance Services Office, Inc. (ISO) and First Data Solutions (FDS) have joined forces to create and market a range of information products for property/casualty claims-processing and investigations of suspicious claims by special investigation units (SIUs).
Under the agreement, ISO customers will have the option to order data on individuals and businesses contained in FDS' FastDataSM service, including names, addresses and telephone numbers; bankruptcy information and civil judgments. Such information is to be delivered seamlessly through ISO ClaimSearch®, the industry's all-claims antifraud system, via its electronic interfaces and ISO ClaimSearch on ISOnet®, ISO's Internet delivery platform.
Additional information available from the FastData database includes:
The alliance will also allow ISO and FDS to build and integrate new information products into the ISO ClaimSearch system.
Announcing the strategic alliance, Frank J. Coyne, ISO's president and chief executive officer, said: "Our alliance with FDS is a key step in delivering our customers a broad range of information options and resources to enhance the claims-handling and investigation processes. This will enable us to integrate public-records information into the ISO ClaimSearch system, significantly reduce insurers' losses from fraudulent claims, and streamline the process of claims investigations and fraud detection."
"We're pleased to team with ISO, the insurance-information leader to provide additional tools to increase insurance professionals' productivity and reduce industry fraud," noted Matt Hillgard, FDS' chief operating officer. "FDS will provide public-record information for the ISO ClaimSearch system to enable processing claims more efficiently and support in-depth fraud investigations," he added.
Using FDS data, claims professionals and SIUs can quickly and easily locate and verify information to:
Insurance Services Office, Inc. (ISO) is a leading source of information, products and services for managing property and liability risk. ISO provides statistical, actuarial, underwriting, and claims information and analyses; consulting and technical services; policy language; and information about specific locations for a broad spectrum of commercial and personal lines of insurance. In the United States and around the world, ISO serves more than 2,900 insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.
About First Data Solutions
First Data Solutions, a business unit of First Data Corp. (NYSE: FDC), is a leading provider of consumer and business information solutions that help clients find individuals, verify information, avert losses and increase revenue. The company specializes in the areas of risk and fraud management and information verification associated with the granting of credit, collecting debt and customer service.
Atlanta-based First Data Corp. is a global leader in electronic commerce and payment services. Serving more than two million merchant locations, more than 1,400 card issuers and millions of consumers, First Data makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, stored-value card or check at the point-of-sale, over the Internet or by money wire.
Donna Pennington (First Data Solutions)