JERSEY CITY, N.J., Sept. 21, 2005 — ISO has released guidelines to insurance companies reporting Hurricane Katrina claims to the ISO ClaimSearch® system in response to inquiries from claims departments wanting to know the best way to report and what information is important.
Most insurers report new property/casualty claims to ISO ClaimSearch, the industry's all-claims database used to detect potential fraud and to expedite payment of meritorious claims.
With hundreds of thousands of claims from New Orleans and the coastal regions of Mississippi, Louisiana, Alabama and other states expected in the coming weeks, "the immediate need is for comprehensive reporting of losses in the auto and property lines," said Richard P. Boehning, ISO senior vice president. "We expect more claims over time, including the casualty lines," said Boehning, "as workers compensation and liability claims begin to come in."
The National Insurance Crime Bureau (NICB) is also working with ISO and the industry to ensure accurate recording and cataloging of Katrina-related claims, according to NICB President Robert M. Bryant. "Effective reporting will help the NICB's Katrina Task Force Operation track the disposition of the thousands of damaged vehicles being identified and help prevent fraud," Bryant said.
ISO ClaimSearch reporting guidelines ask insurance companies to:
- report all claims resulting from Hurricane Katrina
- include the catastrophe number (No. 49) and catastrophe indicator if Universal Format (web or mainframe) is used
- include the estimated loss amount, if possible
When reporting auto physical damage and vehicles missing because of flood:
- report claims as auto physical damage with a coverage type of "Comprehensive" and a loss type of "Flood" if Universal Format (web or mainframe) is used
- report claims as "First Party Claims" with a loss type of "Flood/Water" if the legacy format is used
- report salvage information where applicable
"We strongly encourage claims departments to report all claims — in all lines of business — resulting from the hurricane," said Boehning. "Effective reporting will deter fraud, help us identify trends, provide a basis for analysis and support the NICB's Hurricane Katrina Task Force Operation."
For answers to questions about reporting Katrina claims, contact ISO ClaimSearch Customer Support at 1-800-888-4476 (select option 2), or send e-mail to firstname.lastname@example.org.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.
NICB is the nation's premier nonprofit organization exclusively committed to fighting insurance fraud and vehicle theft on behalf of its member companies, their policyholders and the general public through investigations, information analysis, training and awareness.