JERSEY CITY, N.J. and DES PLAINES, Ill., March 21, 2011 — ISO and the National Insurance Crime Bureau (NICB) have announced the renewal of an agreement that will continue the two organizations’ long-term business relationship. The announcement was made today at the opening of the annual Insurance Fraud Management Conference sponsored jointly by the organizations.
Under the original agreement, ISO began operating and maintaining the automobile claims and related databases acquired from the NICB in 1998, which were merged with other industrywide databases acquired by ISO to create ISO ClaimSearch®, the industry’s all-claims database.
“We are pleased to continue our work with the NICB and to strengthen the relationship that has provided significant value to the property/casualty insurance industry in its fight against insurance fraud,” said Vincent Cialdella, senior vice president of ISO. “The close collaboration between ISO and the NICB over the past 12 years has resulted in significant improvements in fraud-fighting capabilities for the industry.”
Under the new ten-year agreement, ISO will continue to provide software development, IT infrastructure, and data processing support to the NICB, including data management support for the various law enforcement databases made available to NICB member companies. The agreement also provides for continued access to insurance claims data by qualified law enforcement agencies and state insurance fraud bureaus investigating and prosecuting insurance fraud.
“The agreement allows both organizations to apply their core strengths to the fraud problem, serving the best interests of the industry,” noted Joe Wehrle, president and CEO of the NICB. “The NICB can focus on its primary mission of deterring, detecting, and investigating insurance crime working with our membership, law enforcement, and the public, while ISO supports those efforts through its focus on data, technology, and analytics.”
“Our two organizations will continue to work together to advance the industry’s antifraud agenda,” added Cialdella. “We look forward to the results of key projects under way that will produce new and more sophisticated fraud-fighting resources for insurers and other constituents.”
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.
About the NICB
Headquartered in Des Plaines, Ill., the NICB is the nation’s leading not-for-profit organization exclusively dedicated to preventing, detecting, and defeating insurance fraud and vehicle theft through data analytics, investigations, training, legislative advocacy, and public awareness. The NICB is supported by nearly 1,100 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $319 billion in insurance premiums in 2009, or more than 78 percent of the nation’s property/casualty insurance. That includes more than 93 percent ($151 billion) of the nation’s personal auto insurance. To learn more, visit www.nicb.org.
MWW Group (for ISO)
MWW Group (for ISO)