NEW YORK, March 21, 2001 — To expand the breadth of its claims and fraud-management products, Insurance Services Office, Inc. (ISO) has taken a majority investment position in a newly formed company called NetMap Analytics LLC.
NetMap Analytics was created by combining the businesses of NetMap Analytics of Columbus, Ohio, and NetMap Solutions Pty, Ltd. of Sydney, Australia. Terms were not disclosed.
NetMap Analytics, backed by ISO's financial resources, will be ideally positioned to extend its NetMapTM visual-link analysis technology around the globe.
Top insurers in the United States analyze their data using NetMap for ClaimsTM software to reveal potentially fraudulent claims. To detect patterns of fraud, NetMap for Claims analyzes insurers' own data as well as data from the ISO ClaimSearch® system, ISO's antifraud claims-information system.
NetMap visual-link analysis technology also forms the basis of ISO's PC-based ViewLink ManagerTM, developed for ISO by NetMap Analytics under a strategic alliance forged earlier. ViewLink Manager dramatically improves insurers' effectiveness in using the ISO ClaimSearch system by presenting relationships in visually compelling form.
NetMap Analytics will be led by Chief Executive Officer Richard McLean, who was previously chief executive officer of NetMap Solutions Pty, Ltd.
"This investment is an excellent complement to our expanding claims services," said ISO President and Chief Executive Officer Frank J. Coyne. "The capabilities of NetMap Analytics fit perfectly with our strategy to be an arsenal in the property/casualty industry's war on claims fraud," said Coyne.
"We are delighted to have ISO's participation in our new company," said McLean. "In both Australia and in the United States, we have been privileged to work with forward-thinking executives in multiple industries who recognize the competitive edge they can gain from using NetMap. With strong financial backing from ISO, we will be able to bring to Australia and New Zealand insurers the antifraud technology that's proven effective in the United States, as well as ISO's considerable insurance expertise."
Rob Doone, former executive vice president of NetMap Analytics, is the president and chief operating officer of Net Map Analytics' U.S. operations. "We're especially pleased about ISO's participation in our company, which we expect will accelerate insurers' acceptance of NetMap for Claims as a potent weapon in their war on fraud," said Doone.
NetMap Analytics is a privately held software company with offices in Sydney, Australia, and Columbus, Ohio. NetMapTM software mines and analyzes large amounts of data and literally draws a picture of connections that otherwise couldn't be seen. The company is currently focused on providing data mining and analytic solutions for the insurance and retail industries and for government.
ISO is a leading source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; and information about specific locations. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insured, risk managers, and insurance regulators and other government agencies.