NetMap to release updated versions of its fraud-fighting product suiteBy Buzz Hirt | September 25, 2013
Organized fraud remains one of the property/casualty insurance industry’s greatest challenges, and insurers face a constant struggle to analyze large quantities of data quickly and improve the efficiency of their SIU investigations. The NetMap® product suite provides visual link analysis combined with more than 860 million claim records in ISO ClaimSearch® to help SIUs identify organized fraud faster — and before it causes profound damage to your company’s combined ratio. ISO is currently in the process of updating its NetMap for Claims™ and NetMap for ClaimSearch™ products.
The NetMap product suite helps you:
- analyze internal and external suspicious claims patterns and trends proactively
- compress weeks of complex analysis of multiple claims into minutes
- reduce the burden on investigative resources
- identify suspicious claims quickly so you can handle them appropriately and efficiently
- organize case data from multiple sources into one location for more effective analysis
NetMap products access claims data from multiple sources and use sophisticated link analysis technology to automatically break down the data into “nodes” — data elements you might find in any claim report. The system shows the key relationships or links between nodes, allowing identification of fraud patterns.
- superior link analysis that allows you to rapidly analyze small or extremely large sets of data in a graphic format
- two visualization formats — one that is complex for analyzing large quantities of data and a second that graphically represents findings in an easy-to-read format
- built-in red flags and automated workflows designed to identify common fraud patterns quickly
- results that you can document using the comprehensive NetMap Presenter and custom reports that you can generate using the data extract utility
- customized implementation services to meet the specific needs of your organization
- ensured data quality with automated data gathering, cleansing, and analysis
With NetMap, you’ll be able to pay meritorious claims quickly and deny fraudulent ones — compressing weeks of analysis into just minutes. The system can help you increase SIU productivity, detect fraud faster, and improve your company’s combined ratio.
Product differentiation by data sources
Both NetMap for Claims and NetMap for ClaimSearch identify suspicious patterns of claims in ISO ClaimSearch, the Decision Net® public records portal, and imported data. NetMap for Claims offers the additional capability to incorporate detailed claims data from your company’s claim system using an internally maintained repository.
New versions available by year-end
The updated NetMap versions will include new data elements available in ISO ClaimSearch that are relevant to SIU fraud investigations. They’ll incorporate new efficiency features for data collection and analysis and offer major time-saving enhancements, including:
- expanded merge suggestion capabilities to identify merge opportunities for claim and driver’s license nodes
- predefined reports to assist with documenting investigation findings
- multiple new and enhanced workflows that streamline all phases of the analysis process
New versions of both NetMap for Claims and NetMap for ClaimSearch are slated for release by the end of the year. For more information, send e-mail to firstname.lastname@example.org.
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