ISO ClaimSearch Surpasses 800 Million ClaimsBy John Giknis | June 28, 2012
The ISO ClaimSearch® all-claims database has surpassed 800 million property/casualty insurance industry claims, with 63.5 million new claims added in the past 12 months. The system also serves state workers' compensation insurance funds, self-insureds, third-party administrators (TPAs), state insurance fraud bureaus, and law enforcement agencies.
The ISO ClaimSearch database serves 93 percent of the U.S. insurance industry and helps insurance companies address suspicious claims activity and insurance fraud.
- As of June 1, 2012, ISO ClaimSearch has a total of 804 million claims records.
- Since the beginning of the year, participants have added 26.9 million new claims records. That’s up 8.6 percent from this point in 2011.
- The auto sector has generated the most claims so far this year, 48 percent, followed by casualty at 37 percent and property at 15 percent.
- Seventy-six percent of claim searches have led to hits, with an average of five claims matches per hit.
- ISO ClaimSearch now has more than 87,000 active users.
According to Rich Della Rocca, vice president of ISO Claims Solutions, “Our ongoing goal is to help insurance professionals fight fraud by expanding the ISO ClaimSearch database and adding new services and capabilities.”
ISO ClaimSearch now offers new data sets to case investigators that can help streamline fraud detection and claims evaluation processes and significantly increase productivity in claims departments and SIUs. These new areas include more detailed Weather Forensic Reports, vehicle location information, and data from the Internet and social media sites.