Property Carriers Beat Fraud with New Prior Loss Images in Verisk’s ISO ClaimSearch®
JERSEY CITY, N.J., January 27, 2021 – Verisk (Nasdaq:VRSK) announced that ISO ClaimSearch, the world’s largest database of property and casualty insurance (P&C) claims, has enhanced its robust claim intelligence platform by adding prior loss image matching. This automates previously laborious processes and significantly bolsters fraud protection.
Millions of property images have been added to the system, which contains over 1.5 billion claim records and receives ongoing contributions from more than 90% of P&C insurers. Verisk created this enhancement – available at no cost to participants -- by tapping into participant-authorized claim images from its Xactware property estimation system.
How ISO ClaimSearch works:
- As adjusters review ISO ClaimSearch match reports, a simple on-screen camera icon easily identifies prior claims containing photos.
- Prior loss images may reveal pre-existing damage, or the same damage being claimed again.
- Image forensics expose anomalies such as altered images or date of photo not matching date of loss.
In one example, ISO ClaimSearch identified a photo that had been submitted 170 times, resulting in more than $1 million in claims impact. Adjusters are tasked with moving through large volumes of claims quickly and this enhancement can have an outsized impact on effectiveness and efficiency, according to Carlos Martins, senior vice president of ISO Claims Solutions.
“The current process can be laborious, requiring adjusters to call other carriers, comb through internal files to see prior loss photos, and many more manual steps,” Martins added. “The new ISO ClaimSearch image matching system streamlines this process by automatically checking for photo matches, which is much more precise in revealing claim fraud and abuse.”
This major update can help insurers reduce leakage by identifying potential fraud earlier. It also enables insurers to streamline processes to improve adjuster capacity, which is particularly important as adjusters continue to work remotely due to COVID-19 restrictions.
ISO ClaimSearch fast-tracks meritorious claims while improving fraud detection. More than 90 percent of the P&C insurance industry relies on ISO ClaimSearch, which adheres to the highest data security standards. To access the new image matching capability, companies must enroll in the ISO ClaimSearch digital media contributory database.
“There has been significant adoption of this insurtech solution by a broad range of insurers, including insurtech carriers such as Hippo, Root, and Lemonade,” Martins added.
How can insurers take advantage of this free service?
The service is free to all ISO ClaimSearch subscribers. Information is available here. Interested carriers should contact Joshua Louwagie, senior product innovation manager in Verisk’s ISO ClaimSearch business unit, at firstname.lastname@example.org.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.