NYCM Insurance Implements Verisk’s ClaimDirector and NetMap Fraud Detection Solutions
JERSEY CITY, N.J., January 7, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, is pleased to announce that NYCM Insurance has implemented Verisk’s newly enhanced ClaimDirectorSM and NetMap for ClaimSearch™ solutions to assist in the detection of potential insurance fraud.
“We wanted the ability to identify potentially fraudulent claims quickly and accurately,” said Jim Potts, NYCM’s vice president of SIU. “We identified ClaimDirector and NetMap as the right solutions in our fight against fraud.”
ClaimDirector identifies fraud indicators at first notice of loss for incoming claims, and the system updates when new information is added. NetMap® provides capabilities that help identify fraud ring networks and other critical connections among a company’s claims and industrywide loss history data.
ClaimDirector can help NYCM Insurance to fight fraud proactively through innovative features such as a business intelligence dashboard, triage page, interactive key claim information, and a visual prior-loss timeline. ClaimDirector is delivered through the new visualized ISO ClaimSearch® platform, so customers can implement the solution with minimal IT involvement. NetMap will allow for insights into complex and emerging organized fraud activity within and between claims.
“We evolved ClaimDirector to provide adjusters and SIU teams with a better way to access real-time insights based on our industrywide claims database,” said Carlos Martins, vice president and general manager of ISO ClaimSearch Solutions at Verisk. “ClaimDirector indicates why the claim triggered potential fraud indicators, guiding investigative direction.”
“Additionally, our continued investment in NetMap provides next-generation capabilities to quickly identify and understand the dynamics of organized fraud networks,” added Martins. “We’re really excited to have NYCM join hundreds of other insurers, self-insureds, and third-party administrators that are using our antifraud analytics to help process meritorious claims faster across all lines of business. NYCM Insurance is showing real industry leadership combating fraud.”
About New York Central Mutual
NYCM Insurance is a property and casualty insurance carrier that has been providing coverage to residents and businesses in New York since 1899. The company offers automobile, homeowner, mobile home, umbrella, and commercial policies and is rated A by A.M. Best Company. For more information, call 800-234-6926 or visit www.nycm.com.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)