JERSEY CITY, NJ, June 17, 2002 — ISO Claims Services, Inc., an affiliate of Insurance Services Office (ISO), a leading provider of insurance claims services and information about property and liability risk, has acquired NetMap Analytics, a leading global provider of analytical and visualisation data-mining technology. Under the terms of the acquisition, ISO will retain sole rights to sell the NetMapTM for Claims anti-fraud solution, significantly strengthening the company's product offering and enhancing its competitive position in the UK. The acquisition of NetMap Analytics will enable ISO to target insurance organisations with a powerful data analysis tool. NetMap for Claims enables fraud managers and Special Investigations Units (SIUs) to reveal and act on complex patterns of fraud across multiple claims, which the Association of British Insurers (ABI) estimates amounts to over £2 billion in the UK each year.
NetMap for Claims offers link analysis and data visualisation that allows fraud investigators to rapidly and thoroughly scour multiple in-house claims databases to reveal hidden connections among seemingly disparate claims. NetMap Analytics' visual link-analysis technology is already employed by the UK Serious Fraud Office to detect serious or complex fraudulent claims. In the United States, ISO already works with NetMap Analytics to provide a seamless link between the ISO ClaimSearch® all-claims database and NetMap for Claims fraud-detection software.
"Fraud is increasingly a hot topic in the insurance industry, with costs to insurers running into millions of pounds every year," said David Smart, Director of Business Development, ISO. "NetMap's technology has already had success in the UK, including the Serious Fraud Office that uses the software to analyse data from 50 different banks and building societies to fight fraud. Fraudulent insurance claims by nature are notoriously complex, and with NetMap's technology, ISO can help companies drill down and analyse multiple databases to uncover inconsistencies and detect possible fraudulent claims.
"NetMap for Claims helps insurers combat fraud more aggressively, efficiently and effectively than ever before by using visual link-analysis technology for a multi-faceted approach to detecting claims fraud. Rather than looking at claims one at a time, insurers' claims investigators can quickly see the full scope and pattern of organised fraud activity. We will harness the technology for the UK insurance market and provide insurance companies with sophisticated analytical capabilities to combat the burgeoning fraud problem," David Smart added.
Insurance Services Office, Inc., Limited (ISO) is the UK subsidiary of Insurance Services Office, Inc. — the premier 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; information about specific locations; fraud-identification tools; and data processing. Around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. ISO customers in the UK include Zurich Financial Services, Highway, Admiral Group and Faraday Underwriting Limited. For more information on ISO products visit ISO at www.verisk.com/iso.
If you would like to receive this release via e-mail, please contact ISO@iba-europe.com
David Smart (ISO)
Philip Szomszor, IBA (PR for ISO)