JERSEY CITY, N.J., November 18, 2010 — ISO announced that the ISO ClaimSearch® all-claims database has surpassed 700 million industry claims, with 58 million new claims added in the past 12 months. ISO ClaimSearch is a contributory database that serves thousands of insurers representing more than 93 percent of the property/casualty industry by premium volume. The system also serves state workers compensation insurance funds, self-insureds, third-party administrators (TPAs), state insurance fraud bureaus, and law enforcement agencies.
“As part of our ongoing commitment to help the industry process claims more efficiently, identify potential claims fraud, and meet regulatory reporting requirements, we continue to enhance ISO ClaimSearch by expanding the database and adding new services and capabilities,” said Rich Della Rocca, vice president of ISO Claims Solutions.
“Improving the quality and depth of data in all lines of business was a key goal early on in the development of the database. We are pleased that the industry has supported us in this effort,” said Della Rocca. “More than 85 percent of claims are now reported in the ISO ClaimSearch Universal Format, a reporting specification that provides for more input data elements and improved fraud detection information in our outgoing reports.”
Through its advanced analytic technology, ISO ClaimSearch helps claims adjusters, special investigation units (SIU), and the National Insurance Crime Bureau identify suspicious claims and fight insurance fraud.
In addition to expanding the size of the database, ISO continues to strengthen the integrated analytic and support tools available alongside ISO ClaimSearch — such as claim scoring, data analysis and visualization, and web-based SIU case management software — to help streamline fraud detection and claims evaluation processes and significantly increase productivity in claims departments and SIUs.
ISO ClaimSearch has added new capabilities to help participants comply with new claims reporting compliance mandates. For example, ISO ClaimSearch supports participants in meeting the requirements for reporting claims filed by Medicare recipients to the Centers for Medicare & Medicaid Services (CMS). In addition, ISO launched a service to help insurers, salvage pools, automobile recyclers, dismantlers, shredders, and junk yards meet new U.S. Department of Justice requirements for reporting total-loss and salvage vehicles to the National Motor Vehicle Title Information System.
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 member of the Verisk Insurance Solutions group at Verisk Analytics. For more information, visit www.verisk.com/iso and www.verisk.com.