ISO’s New Database Initiative
We’re looking to help customers increase efficiency and speed claims processing in 2018 – and beyond. That’s why we’re creating a new database that draws upon policyholder and claims information for the first time. This new database will make a range of innovative solutions possible.
What is the new database?
In addition to ISO ClaimSearch data, the database will contain customers’ policy system data that has had information related to the Fair Credit Reporting Act removed. This non-FCRA database will enable the development of a range of solutions that will expedite processes and improve results.
What is the first solution that will be available?
The first solution enabled by the new database is an automatic notification that an adverse carrier has been identified. Because adjusters often lack adverse carrier information at the first notice of loss (FNOL), this alert will notify them of potential subrogation opportunities on relevant claims and provide related claim information.
Will the subrogation alert solution be free to ISO ClaimSearch subscribers?
Yes. The alert will be available at no additional cost to subscribers who act now, but you’ll need to contribute to the database in order to receive it. To participate, we ask that companies please return the completed authorization form by January 31, 2018.
How will this alert benefit my organization?
The adverse carrier alerts are designed to:
- Provide prompt and seamless notification to adjusters, alerting them to the identification of an adverse carrier for potential subrogation opportunity and referral to collection
- Decrease the instances of “missed” information by automatically providing third-party details
- Create additional opportunities for deductible waivers and improved customer experience once the adverse party’s coverage is verified
- Provide management dashboards for subrogation reconciliation and ensure all identified subrogation opportunities are being pursued
- Help connect insurers who share claims so they can make better decisions on claim handing, reserving, lien resolutions, and more
- Reduce cycle time and costs
How can I participate in the database?
Simply fill out this authorization form to approve the use of your current Coverage VerifierTM and A-PLUSTM data.
What if I don’t contribute to Coverage Verifier and A-PLUS?
If an ISO ClaimSearch® subscriber does not currently contribute to CVTM or APlusTM, we will make all reasonable arrangements to onboard the subscriber for these ISO databases.
Do I need IT resources to implement this new solution?
No. The solution is delivered as SaaS (Software as a Service) via the newly visualized ISO ClaimSearch® platform. If a subscriber would like to contribute a one year historical data file to help seed this new database, they may do so, and we will assist in this effort.
When will I begin receiving alerts?
After you complete the authorization form, you’ll begin receiving adverse carrier alerts when the service is launched in 2018.
Once you opt-in to the database, you’ll be able to access additional solutions as they become available. We are confident that this new database will pave the way to many innovations to come.