NICB Renews Verisk Contract to Manage Aggregated Medical Database
JERSEY CITY, N.J., February 25, 2020 — Verisk [Nasdaq:VRSK], a leading data analytics provider, announced today that the National Insurance Crime Bureau (NICB) has renewed its contract for the third time to host and maintain the Aggregated Medical Database (AMD). The partnership has resulted in the development of the AMD’s award-winning platform to identify medical provider fraud for NICB and its member companies.
“We’re committed to delivering the highest-quality service, and our ongoing collaboration with Verisk is yet another reason NICB continues to be the thought leader when it comes to insurance fraud and theft,” said Joe Wehrle, president and CEO of NICB. “It’s in the best interest of NICB, our members, and law enforcement partners to use medical and prescription billing data to create innovative solutions that combat medical fraud.”
Identifying suspicious behavior in provider billing offers an opportunity for property/casualty insurers to contain expenditures in claims that have a medical component.
“Our predictive analytics are applied to the AMD’s contributory information to quickly discover markers of potential fraud, waste, and abuse in medical billing data,” said Richard Della Rocca, president of ISO Claims Analytics, a Verisk business. “This large-scale analysis produces actionable reports that allow NICB to create MedAWARE Alerts that identify suspicious providers that may be negatively affecting their members’ claims costs.” Della Rocca added, “We’re proud of our near 50-year commitment to fighting fraud, and our partnership with NICB strengthens our efforts focused on exposing medical provider fraud.”
Through its partnership with NICB on the AMD, Verisk has developed ISO MedSentry®, a predictive analytic solution that detects potential fraud, waste, and abuse across an insurer’s entire book of business.
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)