JERSEY CITY, N.J., January 6, 2009 — ISO’s Xactware subsidiary and the ISO Claims Solutions business unit today announced a major advance in insurer fraud-fighting capabilities with the integration of two industry-leading claims tools: XactAnalysis® and ISO ClaimSearch®.
Customers who use both products can now, upon request, see ISO ClaimSearch information when a new claim assignment enters the XactAnalysis network. When a claim is reported to XactAnalysis for a property damage appraisal, a search request is sent to ISO ClaimSearch. Any prior property claim matches found in the ISO ClaimSearch database appear as a report inside the XactAnalysis file.
“The seamless workflow created by the integration of XactAnalysis and ISO ClaimSearch is a major step forward in the fight against insurance fraud,” said K.C. Agrelius, general manager of XactAnalysis. “Now, claims professionals can quickly see information directly in the electronic file, which can help them detect and stop fraud without slowing down customer service standards for meritorious claims.”
Fighting fraud has become more and more important for insurers facing lean economic times and increased fraudulent activity. “Fraudulent claims cost the property/casualty insurance industry more each year than any single natural disaster in United States history, with the exception of Hurricane Katrina,” said John Giknis, assistant vice president of ISO ClaimSearch. “By working together, Xactware and ISO have given property insurers a powerful new tool that significantly improves the effectiveness of the claims-handling process.”
XactAnalysis is the property insurance industry’s first and largest claims assignment and analytical network. Each day, thousands of assignments are sent, received, and processed using XactAnalysis. In the past two years, the XactAnalysis network processed more than five million claims.
ISO ClaimSearch is the world’s largest database of claims information, containing more than 600 million claims, with more than 200,000 new claim reports every day. ISO ClaimSearch is used daily by thousands of insurers, 26 state workers compensation insurance funds, more than a thousand self-insured entities and third-party administrators, state fraud bureaus, and many law enforcement agencies involved in investigating and prosecuting insurance fraud.
“The integration of XactAnalysis with ISO ClaimSearch is a powerful combination that makes it faster and less complicated for busy claims professionals to succeed in the increasingly challenging fight against fraud,” added Agrelius.
Xactware Solutions, Inc. (“Xactware”) is a wholly owned subsidiary of ISO specializing in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228, or contact us online.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets.