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Verisk Insurance Solutions has introduced a new solution to help clients gain advantage in the cat-and-mouse game of insurance fraud. The new offering, ISO ClaimSearch DNA, helps P&C insurers to better visualize large networks of suspicious activity operating across the industry, using advanced predictive analytics and visualization capabilities.
The vendor reports that the new tool magnifies the power of Verisk’s ISO ClaimSearch solution to find patterns of potential fraud in increasingly large data sets and detect entire networks of organized activity among individuals and businesses, including related service providers.
“Our clients can use ISO ClaimSearch DNA to be proactive and highly efficient in their antifraud operations,” comments Rich Della Rocca, president of Claims and Crime Analytics, Verisk Insurance Solutions. “Once they see the suspicious networks that could affect their own companies, it gives them a huge investigative and competitive advantage.”
The technology powering ISO ClaimSearch DNA provides what Verisk Insurance Solutions calls a fully automated solution to proactive network detection. The solution’s advanced analytics include entity resolution, text mining, network analytics, and predictive models that work seamlessly to uncover hidden relationships across large data sets, score the networks, and prioritize those of interest for each company. ISO ClaimSearch DNA also provides insurers with alerts and actionable intelligence on their suspicious networks and claims for further investigation.
ISO ClaimSearch DNA also provides an industrywide view of claims activity—an important weapon in carriers’ arsenal for fighting large-scale fraud, since organized fraud operations target multiple carriers. This view helps to pinpoint claims and schemes that threaten individual insurers.
“We’re excited to provide all of our customers with a predictive analytics solution that helps identify developing fraud networks as part of our flagship solution, ISO ClaimSearch, which is used by more than 90 percent of the U.S. property/casualty insurance industry,” comments Carlos Martins, vice president and general manager, ISO ClaimSearch Solutions. “No matter the size of the company, they will now be armed with the power of Big Data and cutting-edge science to better detect suspicious claim activity from large-scale fraud networks.”