(Image credit: Robert Bye/Unsplash.)
Verisk (Jersey City, N.J.) has announced the launch of its new ClaimSearch system in Israel. Developed in collaboration with the Israel Insurance Association and with the backing of the government, Verisk describes the new application as a state-of-the-art, cloud-based system that aims to revolutionize the fight against insurance fraud in the country with advanced analytics and data contributions from across the Israeli insurance industry.
Helena Cornell, VP, General Manager, Anti-Fraud Analytics, Verisk.
Verisk reports that insurance fraud in Israel has been a significant concern, costing insurers hundreds of millions of New Israeli Shekels (NIS) annually and leading to higher premiums for policyholders. Verisk’s new ClaimSearch system, which the vendor says leverages powerful computing resources and deep domain expertise, aims to swiftly analyze auto claims and detect indications of fraud, with the goals of ultimately reducing fraudulent activities and benefiting the entire insurance industry.
One of the key features of the new system is its ability to authenticate details provided by insurance applicants. By comparing this information with data from the database and other sources such as the Ministries of Interior, Transportation, and Public Security, the system seeks to provide accuracy and reliability, the vendor says. Claim adjusters will also benefit from advanced tools for investigation, data visualization, and business intelligence reporting, according to Verisk.
“Preventing insurance fraud today requires a combination of robust data, advanced analytics, and solid industry partnerships,” comments Helena Cornell, VP, General Manager, Anti-Fraud Analytics, Verisk. “We’ve taken our anti-fraud engine to the next level, enabling insurers to monitor claims in real time, check claims histories on-demand, and cross-check information from public sources. The result is better service and faster payments for the overwhelming majority of consumers with meritorious claims.”
Initiative Beginning in 2006
Verisk reports that it has been operating a central industry claims database for compulsory insurance in Israel since 2006. Verisk says that, building on its success, the company was awarded a contract in 2017 to develop an enhanced system with advanced analytics and capabilities. The new system has been designed to provide secure, fast, and integrated IT services.
Verisk Acquires Morning Data to Support Digital Transformation of Brokers and MGAs