JERSEY CITY, N.J., Oct. 30, 2003 — Insurance Services Office, Inc. (ISO) has signed an agreement to integrate its ClaimDirectorSM auto physical-damage (APD) claim score with the ClaimsPortTM solution from ProcessClaims to enable systematic evaluation of incoming claims via web services at first notice of loss.
ClaimDirector is ISO's proprietary, expert, rules-based claims-scoring service. The ClaimDirector service is specific to auto physical-damage claims.
This integrated solution will provide claims adjusters and SIUs critical information to help them detect potential fraud at the earliest possible opportunity.
"Our alliance with ProcessClaims will help insurers detect potential claims fraud early in the claims process, streamline the auto physical-damage claims workflow and improve loss ratios for customers," Vincent Cialdella, vice president of ISO ClaimSearch®, said.
ISO ClaimSearch is the property/casualty industry's comprehensive fraud-fighting resource and the repository of bodily injury, property damage and automobile claims histories.
ClaimDirector provides insurers a claim score immediately upon receiving a claim. ClaimDirector evaluates the number and type of auto claims previously filed and the characteristics of the incoming claim, applies weights to claims based on frequency and relevance to auto physical damage, and assigns a score. The score provides claims adjusters a guideline to determine whether a claim should be expeditiously handled for settlement or further investigated before payment is authorized.
"Clearly, insurers gain significant advantage in identifying claims of questionable validity at the earliest possible time," said David Ferrera, ProcessClaims's executive vice president of business development. "Using ClaimsPort via a web service connection to ClaimDirector, insurers can quickly identify questionable claims for further investigation. This results in measurable return on insurers' claims-management investment."
ProcessClaims's ClaimsPort material-damage management system automates claims processing by configuring solutions to suit insurers' specific business requirements. The company's business process automation focuses on areas of material damage to reduce loss-adjustment expenses, increase efficiencies and improve customer satisfaction. ProcessClaims's open platform provides seamless connectivity to all partners involved in the claims process.
For more information about the joint ISO's ProcessClaims offering, contact ISO ClaimSearch Customer Support toll-free at 1-800-888-4476, or send an e-mail to firstname.lastname@example.org.
For more information on ProcessClaims, contact 310-937-4040, ext.1037, or send an e-mail to Westley.Koenen@ProcessClaims.com.
ProcessClaims is the leading provider of software connectivity and business process solutions designed to boost productivity, enhance customer service and deliver significant return on existing IT investments. The ProcessClaims solutions enhance and extend an insurance organization's existing IT investment by automating communication and information flow between employees, partners and their extended community. Companies can rapidly and cost-effectively build and implement automated rules-based business processes that deliver return on investment within weeks of deployment.
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 data, analytical and decision-support products; consulting; data processing; and technical, statistical and actuarial services. ISO field services include on-site rating and underwriting services and the evaluation of community loss-mitigation efforts. ISO's products help customers with sales and prospecting, underwriting, rating and quoting, customer management, policy administration, product development, claims administration and fraud detection. ISO's AIR Worldwide subsidiary provides technologies to assess and manage natural and man-made extreme-event risk. Through its ISO Claims Services, Inc. (iiX unit) and Intellicorp subsidiaries, ISO provides motor vehicle reports and criminal-records information and through its AscendantOne unit delivers rating, quoting and policy-administration solutions. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.