The ability of insurance companies to detect fraudulent claims by cross-checking them in “all-claims” databases will become keener as insurers adopt new methods of reporting and coding claims, according to the Insurance Services Office Inc. (ISO). More than 4,000 insurers, self-insured entities and third-party administrators now report claims to ISO ClaimSearch, the antifraud information system established by ISO for auto, property and liability claims. By cross-checking new claims against the 147 million records in the ISO ClaimSearch system, users can detect staged-accident rings, multiple claims for the same loss and other types of fraud.
Topics Fraud
Was this article valuable?
Here are more articles you may enjoy.
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
NAIC Victim of Cyber Incident Via PeopleSoft System 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit From This Issue
