JERSEY CITY, N.J., January 9, 2007 — ISO announced a major milestone today as its ISO ClaimSearch® all-claims database surpassed 500 million industry claims. The ISO ClaimSearch system is the property/casualty insurance industry’s first resource for evaluating claimants’ claims histories and detecting claims fraud.
“ISO has worked hand-in-hand with the industry to build and enhance the all-claims fraud-fighting resource over the past few years,” said Richard Boehning, senior vice president at ISO. “We’re pleased to have reached this milestone in the size of the database — which is just one measure of the improvement in the quality of the data we provide the industry for claims handling and fraud detection.”
Insurers representing nearly 95 percent of the industry in premium volume use ISO ClaimSearch for day-to-day claims handling and evaluation. Hundreds of thousands of claims and claim updates are processed daily. And each day, tens of thousands of queries are run against the database by insurers’ investigators, law enforcement personnel, National Insurance Crime Bureau investigators and state fraud bureaus. The system now receives more than 48 million claims annually.
“An important goal in building the system was the creation of a resource that would include claims in all lines of business for more thorough claims evaluation and fraud detection,” said Vincent Cialdella, vice president of ISO ClaimSearch. ”And, as important, was an expansion of the amount of data and the quality of data we receive from insurers about each claim,” he explained. “We’re pleased that the industry has supported the data-expansion and enhancement program so enthusiastically by converting to our enhanced data-reporting format and submitting larger volumes of claims.” More than 68 percent of new claims coming into the system are submitted in ISO’s new Universal Format.
In addition to expanding the database, ISO has also enhanced the system’s processing and claims-handling resource by integrating fraud-detection capabilities, such as claim scoring and data analysis and visualization. ISO has also added an integrated, web-based case-management function — SIU Case Manager. According to Mr. Cialdella, “Our analytic and support tools can streamline the fraud-detection and claims-evaluation processes to significantly increase productivity in the claims and SIU units.”
About ISO ClaimSearch
ISO ClaimSearch serves thousands of insurers, 24 state workers compensation insurance funds, 650 public and private self-insured organizations, 480 third-party administrators (TPAs), several state fraud bureaus and many law enforcement agencies involved in investigation and prosecution of insurance fraud. More than 77,700 claims, investigations and law enforcement users connect to the system through the Internet or other high-speed telecommunications facilities.
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. Professionals use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO’s services help customers protect people, property and financial assets.