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Verisk (Jersey City, N.J.), a global provider of data analytics to the insurance industry, has announced the launch of a first notice of loss (FNOL) service within its ClaimSearch solution. The vendor says that property/casualty insurers using the solution can now append certain missing information with insurer-contributed FNOL data to help process claims faster and more efficiently. As part of the existing ClaimSearch service, the new FNOL initiative will use Verisk claims data to augment carriers’ own FNOL contributed information.
The vendor says the latest efficiency enhancement to this service will include telematics data from strategic partners, including Driver Technologies (Brooklyn, N.Y.), an AI-based mobility tech company whose Driver App enables drivers to receive real-time, video-based safety alerts, roadside assistance and gas discounts, all while serving as an internal and external dashcam just by mounting their phone.
“We’re excited to work with Verisk to empower drivers to confidently share and manage their critical collision data with their insurers with just a click of a button,” comments Rashid Galadanci, CEO and co-founder, Driver Technologies. “By providing video, telematics and analytics at first notice of loss, we enable insurers to better serve drivers after an accident. Our DriverCloud platform enables drivers, fleet operators and insurers to share and manage video and driving data from the Driver mobile app or any third-party video source. We pride ourselves on safety innovation and flexibility in working with partners, and we’re excited to collaborate with Verisk on this initiative.”
Future steps include making other optional third-party information available, including telematics crash detection data, public records data and data on lienholders, vehicle ownership and weather, all designed to continue to enhance the efficiency of claims processing, according to Verisk.
Seamless Data Flow
Verisk explains that the FNOL initiative is enabled by the company’s automated Universal Format (UF) record-sharing process, which it says is currently ingested by more than 30 commercial claim systems and over 700 insurers. The FNOL services will be designed to allow data to flow seamlessly between Verisk’s trusted virtual private cloud network and subscribers’ claim systems via existing APIs, requiring little or no insurer technology resources to integrate, the vendor says.
Verisk reports that ClaimSearch has more than 1,600 subscribers, including insurers, self-insureds and third-party administrators (TPAs), which extends to more than 90 percent of the U.S. property/causalty insurance market.
“As a trusted steward of industry data for more than 50 years and custodian of the data in our ClaimSearch database, Verisk is uniquely positioned to help the P&C industry share FNOL information in a highly automated, secure way,” comments Carlos Martins, SVP, claim solutions, Verisk. “The FNOL data flow can help our customers streamline claims processing. In addition, opening ClaimSearch’s ecosystem to sources from third-party data providers like Driver Technologies will help create additional efficiencies and help lessen or eliminate data entry errors.”