(Image credit: Dollar Photo Club.)
ISO (Jersey City, N.J., ), a Verisk Analytics Company, has launched a new integration model for claims systems vendors to integrate with ISO ClaimSearch. EIS Group (San Francisco) is the first to integrate its ClaimCore system with ISO ClaimSearch as a member of the ISO ClaimSearch Claims System Integration Partnership Program. ISO expects to eventually have all of the commercially available claims systems on the market using the same approach, according to a Verisk Analytics source.
Rich Della Rocca, President, Claims and Crime Analytics, Verisk Insurance Solutions.
“ISO ClaimSearch is uniquely positioned to achieve successful claims system integration, thanks to our constant drive toward innovation and our advanced analytics surrounding claims processing and fraud detection,” comments Richard Della Rocca, president of Claims and Crime Analytics at Verisk Insurance Solutions.
Continued Innovation
ISO characterizes its new model as a signal to its customers of its commitment to remaining a trusted partner of the P&C insurance industry through continued innovation. The vendor says the traditional ClaimSearch product has been converted into a real-time analytic capability that subscribers can use to help them investigate and process claims more efficiently. The new incarnation of the system offers an ETL data extraction option for subscribers, which the vendor asserts will greatly reduce their maintenance and support costs. ISO will also be extending the contributory nature of ClaimSearch’s database to include digital media, such as property damage photos, estimates, etc. Earlier this year, ISO released ClaimSearch Mobile, along with its new ClaimSearch DNA predictive analytic capability.
(Related: Verisk Adds Hazard Scoring to Commercial Property Surveys)
EIS Group touts the ISO ClaimSearch integration model as providing its customers with an unprecedented interactive view of industry claims data. The model will help claims handlers who work in ClaimCore to navigate seamlessly across a series of interactive analytics and improve efficiency, the vendor says. EIS emphasizes the ability of theISO ClaimSearch analytics within the EIS solution to provide real-time claims data using a new single sign-on and ETL data extraction process.
The Value of Real-Time Information
Karlyn Carnahan, Research Director, Celent.
“Carriers are looking to improve their ability to find value in the new world of analytics by gaining insights at the point of need,” comments Karlyn Carnahan, Research Director, Celent (Boston). “Instead of running reports after the fact, the deep integration of ISO ClaimSearch into the claims process allows carriers to deliver actionable intelligence to adjusters as the claim is processed real time. While this certainly will deliver some processing efficiencies, the biggest potential gain is in the value that real-time information can offer when settling a claim.”
Implementing deep claims system integration is an important step in the evolution of real-time claim analytics and processing, asserts Carlos Martins, VP and general manager of ISO ClaimSearch Solutions. “EIS Group has shown foresight in bringing this project to fruition,” Martins comments. “The integration with ISO ClaimSearch will provide immediate benefits to its customers, ultimately helping them reduce cycle time and IT costs through numerous efficiencies. The implementation will also boost EIS customers’ bottom line through built-in fraud detection capabilities.”
The EIS claims system integration with ISO ClaimSearch is intended to empower claims handlers to use critical data and analytics for making the best decisions to achieve lower claim severity, reduce expenses, fulfill compliance, and improve customer service, according to EIS Group.