ISO ClaimSearch Israel, Ltd., to Continue as Official Fraud Detection Database Operator for Israel Insurance Market
JERSEY CITY, N.J., August 22, 2018 — ISO, a Verisk (Nasdaq:VRSK) business, announced today that it has signed a 10-year contract with the Israel Insurance Association to operate an advanced fraud detection database for Israel’s insurance market. ISO ClaimSearch® Israel has been the country’s leading fraud detection database for compulsory motor insurance since it was selected by the Israeli Ministry of Finance in 2006. ISO’s new database system will offer innovative InsurTech features, including advanced business intelligence tools, graphic link analytics, and parameterized fraud indicators.
“We’re pleased to extend our relationship with the Israeli insurance industry and bring more robust fraud detection and analysis tools to the country’s insurance market,” said Richard Della Rocca, president, ISO Claims Analytics. “We anticipate the new system will produce industry benefits over and above the goals identified in the Ministry’s studies.”
ISO ClaimSearch Israel supports insurance companies and detects fraud in both claims and underwriting. Studies by the Ministry have proven the system’s direct benefit for insurers and the general public alike. The drop in insurance premiums in the compulsory motor bodily injury line over the last decade has been attributed in part to ISO’s efforts.
“We’re proud to have been selected as the fraud detection database operator after an extensive RFP [request for proposal] screening process, and we look forward to our continued collaboration for the benefit of the industry at large,” stated Gideon Stern, general manager, ISO ClaimSearch Israel, Ltd.
A committee of individual insurers selected ISO ClaimSearch Israel, Ltd., over all other local and foreign competitors.
ISO, a Verisk (Nasdaq:VRSK) business, is a leading provider of advanced tools and analytics for the property/casualty insurance industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk managers. For more information, please visit www.verisk.com/iso.