JERSEY CITY, N.J., Aug. 17, 2005 — ISO has enhanced its NetMap for ClaimsTM software with several new functions to empower claims investigators with more robust search capabilities for improved claims investigations.
The new NetMap for Claims Version 4.5 provides investigators direct access to ISO ClaimSearch Decision Net® public-records data, a new presentation tool, mapping capabilities, NICB Forewarn Alerts and query functions for ClaimDirectorSM scoring participants.
The system analyzes internal and external fraud by sifting through massive quantities of data in insurers' internal databases and the ISO ClaimSearch and Decision Net public-records databases. NetMap reveals hidden connections among seemingly unrelated entities that can indicate fraud, such as parties with multiple addresses, telephone numbers, vehicles and claims. In seconds, the software produces a graphic picture of those relationships — the footprint of fraud.
"NetMap for Claims is a decisive weapon in the fight against property/casualty insurance fraud. With claims fraud on the rise, we wanted to boost the power of NetMap for Claims with new features to improve carriers' claims investigation capabilities," said Vincent Cialdella, vice president of ISO ClaimSearch. "We listened to insurers' concerns and based our enhancements on their specific needs," he added.
The new NetMap provides:
ISO ClaimSearch is the world's largest repository of insurance claims, with more than 429 million claim records and third-party information. Insurers representing more than 94 percent of the U.S. property/casualty industry by premium volume use the system. ISO ClaimSearch is a cooperative effort of more than 2,000 insurers, 1,000 self-insured entities, 450 third-party administrators, state workers compensation insurance funds and other organizations. Information is available through host-to-host transmissions and the ISO ClaimSearch secure Internet information-delivery platform.
ClaimDirector is a scoring system that helps insurers distinguish between suspicious and meritorious claims. The system provides a score for claims based on an analysis of each claim's attributes and any matching records in the ISO ClaimSearch database.
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.