LONDON, UK - 8th December, 2009 – ISO ClaimSearch® Israel announces the launch of a new underwriting system that will enable companies, for the first time, to verify information supplied by an applicant. The system will be available via ISO ClaimSearch Israel, which currently functions as the fraud detection database system for compulsory auto insurance in Israel, serving claims personnel and fraud investigations. The underwriting system will enable insurers and agents to comply with the requirement to verify applicant information that was established by the Ministry of Finance in Israel to encourage more effective underwriting and fraud prevention.
According to Lisa Sayegh, director of ISO ClaimSearch Israel: "The underwriting system will provide a full solution to the information needs of the industry in Israel for auto insurance risk evaluation and fraud detection – from policy application through closing of insurance claims. The database contains information required for applicant verification, including previous claims, driver’s license information, license revocation history, number of years driving, vehicle information and other relevant data."
ISO ClaimSearch Israel was appointed by the insurance commissioner to set up and operate the fraud detection database four years ago. The fraud detection service was part of an overall reform of auto insurance conducted by the Israeli Ministry of Finance. The reforms were designed to enable insurers to enhance differentiation between policyholders to reflect the risk inherent in each policy and fight waste and fraud in insurance claims.
ISO ClaimSearch Israel is a business unit of U.S.-based ISO, which has been active in insurance underwriting and fraud detection and prevention for many years. The ISO ClaimSearch system in the United States is used by hundreds of insurers representing nearly 95 percent of direct written premium, as well as hundreds of self-insureds, third-party claims administrators, state workers compensation insurance funds, and others, as the first line of defense against claims fraud. ISO also offers a range of underwriting risk evaluation solutions for personal and commercial property and auto insurance in the United States.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyse, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. Around the world, ISO helps customers protect people, property, and financial assets. ISO is a member of the Verisk Analytics family of companies. For more information, visit www.iso.com or contact:
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