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This major update can help insurers reduce leakage by identifying potential fraud earlier. “The new ISO ClaimSearch image matching system streamlines this process by automatically checking for photo matches, which is much more precise in revealing claim fraud and abuse.” "The current process can be laborious, requiring adjusters to call other carriers, comb through internal files to see prior loss photos, and many more manual steps,” Martins added. Adjusters are tasked with moving through large volumes of claims quickly and this enhancement can have an outsized impact on effectiveness and efficiency, according to Carlos Martins, senior vice president of ISO Claims Solutions. In one example, ISO ClaimSearch identified a photo that had been submitted 170 times, resulting in more than $1 million in claims impact. Image forensics expose anomalies such as altered images or date of photo not matching date of loss. Prior loss images may reveal pre-existing damage, or the same damage being claimed again.
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Verisk created this enhancement – available at no cost to participants - by tapping into participant-authorized claim images from its Xactware property estimation system.Īs adjusters review ISO ClaimSearch match reports, a simple on-screen camera icon easily identifies prior claims containing photos. Millions of property images have been added to the system, which contains over 1.5 billion claim records and receives ongoing contributions from more than 90% of P&C insurers. This automates previously laborious processes and significantly bolsters fraud protection. 27, 2021 (GLOBE NEWSWIRE) - Verisk (Nasdaq: VRSK) announced that ISO ClaimSearch, the world’s largest database of property and casualty insurance (P&C) claims, has enhanced its robust claim intelligence platform by adding prior loss image matching.