Xactware, an Insurance Services Office subsidiary, and the ISO Claims Solutions business unit announced the integration today of two claims analysis tools: XactAnalysis and ISO ClaimSearch.
According to Jersey City, N.J.-based ISO, the action should improve detection of bogus claims as customers who use both products can now, upon request, see ISO ClaimSearch information when a new claim assignment enters the XactAnalysis network.
When a claim is reported to XactAnalysis for a property damage appraisal, a search request is sent to ISO ClaimSearch. Any prior property claim matches found in the ISO ClaimSearch database appear as a report inside the XactAnalysis file.
"The seamless workflow created by the integration of XactAnalysis and ISO ClaimSearch is a major step forward in the fight against insurance fraud," said K.C. Agrelius, general manager of XactAnalysis.
Claims professionals, he said, "can quickly see information directly in the electronic file, which can help them detect and stop fraud without slowing down customer service standards for meritorious claims."
"Fighting fraud has become more and more important for insurers facing lean economic times and increased fraudulent activity. Fraudulent claims cost the property-casualty insurance industry more each year than any single natural disaster in United States history, with the exception of Hurricane Katrina," said John Giknis, assistant vice president of ISO ClaimSearch.
XactAnalysis is a property insurance claims assignment and analytical network, said ISO. Each day, thousands of assignments are sent, received and processed using XactAnalysis. In the past two years, the XactAnalysis network processed more than five million claims.
ISO ClaimSearch is a database of claims information, containing more than 600 million claims, with more than 200,000 new claim reports every day.
"ISO ClaimSearch is used daily by thousands of insurers, 26 state workers' compensation insurance funds, more than a thousand self-insured entities and third-party administrators, state fraud bureaus, and many law enforcement agencies involved in investigating and prosecuting insurance fraud," said ISO.
Further information is available at www.iso.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.