Facts and Figures
Fraud costs U.S. property/casualty insurers tens of billions of dollars each year. That’s as much as — or more than — the cost of some of the most expensive natural disasters in history. And it’s a catastrophe that strikes every year.
Claims databases are one of the key tools in the fight against insurance fraud.
Experts have long recognized the benefits of a single all-claims database:
- improved efficiency in reporting data and searching for information
- enhanced capabilities for detecting suspicious claims
- superior information for investigating fraudulent claims, suspicious individuals, and possible fraud rings
ISO ClaimSearch® has made those benefits a reality.
The ISO ClaimSearch database now contains information on more than 1 billion claims. Insurers and other participants submit hundreds of thousands of claims per day — in all lines of business, transmitting through their own claims systems or through a web interface developed by ISO.
How it works
When you submit a claim, the ISO ClaimSearch system searches the database and returns information about other claims filed by the same individuals or businesses (either as claimants or insureds). The system searches for matches in identifying information fields, such as name, address, Social Security number (SSN), vehicle identification number (VIN), driver's license number, tax identification number (TIN), or other parties to the loss. The ISO ClaimSearch system also features advanced similarity searching to perform intelligent name searches and improve the overall quality of the matches.
Information from match reports can help you speed payment of meritorious claims while providing your first line of defense against fraud. The information can lead to denial of a claim, negotiation of a reduced award, or further investigation by the insurer or law enforcement.
Special Investigations Units (SIUs) and claims personnel also use ISO ClaimSearch for follow-up fraud investigations. You can customize queries to support a specific investigation.
The world's largest database of claims information
ISO ClaimSearch serves thousands of insurers (more than 90 percent of the property/casualty insurance industry by premium volume), all 27 state workers' compensation insurance funds, over 1,000 self-insureds, third party administrators (TPAs) and many State Fraud bureaus and law enforcement agencies involved in investigation and prosecution of insurance fraud. Almost 10,000 customer sites connect to the system through the Internet or other high-speed telecommunications facilities. ISO ClaimSearch is already the world's largest database of claims information, and it's growing every day.
To learn more...
...about ISO ClaimSearch, return to the menu. Participation in ISO ClaimSearch is open to insurers, self-insured organizations, and claims administrators. To find out how your company or organization can participate, call us at 1-800-888-4476. Or send e-mail to email@example.com . And for other information or services, refer to the ISO ClaimSearch Service Directory.