ISO implemented several changes to the claim reporting function:
Scheduled property indicator — The fraud-fighting enhancement indicates if lost or stolen personal property is scheduled (specifically insured under an inland marine endorsement) or unscheduled. The new indicator will provide adjusters and SIU important information, such as patterns of multiple scheduled property losses or the reporting of previously claimed items.
Key Indicator Report — To speed the process of identifying suspicious claims, the Key Indicator Report automatically checks for eight key fraud indicators identified on ISO ClaimSearch® match reports. We provide the results to SIU management electronically to assist in identifying claims with possible questionable claim activity.
Automatic update process — To provide useful information pertaining to your claims, we refined the automatic claim update process to suppress update reports for replacement claims that have had no action taken and no information added to them. The change reduced the number of automatic update reports sent to our customers by 20 percent and improved the quality of the update reports we do send.
We look forward to expanding our accomplishments by focusing on new system improvements and enhancements to provide even greater value to insurers and the industry.