JERSEY CITY, N.J., December 8, 2009 — ISO ClaimSearch® Israel announces the launch of a new underwriting system that will enable companies for the first time to verify information supplied by an applicant. The system will be available via ISO ClaimSearch Israel, which currently functions as the fraud detection database system for compulsory auto insurance in Israel, serving claims personnel and fraud investigations. The underwriting system will enable insurers and agents to comply with the requirement to verify applicant information that was established by the Ministry of Finance in Israel to encourage more effective underwriting and fraud prevention.
According to Lisa Sayegh, director of ISO ClaimSearch Israel, “The underwriting system will provide a full solution to the information needs of the industry in Israel for auto insurance risk evaluation and fraud detection — from policy application through closing of insurance claims. The database contains information required for applicant verification, including previous claims, driver’s license information, license revocation history, number of years driving, vehicle information, and other relevant data.”
ISO ClaimSearch Israel was appointed by the insurance commissioner to set up and operate the fraud detection database four years ago. The fraud detection service was part of an overall reform of auto insurance conducted by the Israeli Ministry of Finance. The reforms were designed to enable insurers to enhance differentiation between policyholders to reflect the risk inherent in each policy and fight waste and fraud in insurance claims.
ISO ClaimSearch Israel is a business unit of U.S.-based ISO, which has been active in insurance underwriting and fraud detection and prevention for many years. The ISO ClaimSearch system in the United States is used by hundreds of insurers representing nearly 95 percent of direct written premium, as well as by hundreds of self-insureds, third-party claims administrators, state workers compensation insurance funds, and others, as the first line of defense against claims fraud. ISO also offers a range of underwriting risk evaluation solutions for personal and commercial property and auto insurance in the United States.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a subsidiary of Verisk Analytics.