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Verisk introduces new IT system to curb insurance fraud in Israel

1st September 2023 - Author: Saumya Jain

Global data analytics and technology provider, Verisk, has launched its new ClaimSearch system in Israel. Developed in collaboration with the Israel Insurance Association and with the backing of the government, this state-of-the-art, cloud-based system aims to revolutionize the fight against insurance fraud in the country.

The new system will leverage advanced analytics and data contributions from across the Israeli insurance industry.

Insurance fraud in Israel has been a significant concern, costing insurers hundreds of millions of New Israeli Shekels (NIS) annually and causing higher premiums for policyholders.

The ClaimSearch system utilises powerful computing resources and deep domain expertise and aims to swiftly analyze auto claims and detect indications of fraud, with the goal of ultimately reducing fraudulent activities and benefiting the entire insurance industry.

One of the key features is the ability to authenticate details provided by insurance applicants. The system compares this information with data from the database and other sources such as the Ministries of Interior, Transportation, and Public Security.

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It seeks to provide both accuracy and reliability. Claim adjusters will benefit from advanced tools for investigation, data visualization, and business intelligence reporting.

Helena Cornell, Vice President and General Manager for Anti-fraud Analytics at Verisk, commented, “Preventing insurance fraud today requires a combination of robust data, advanced analytics, and solid industry partnerships.

“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.”

Since 2006, Verisk has been operating a central industry claims database for compulsory insurance in Israel.

The company’s broad suite of anti-fraud solutions is built upon a wealth of industry data and cutting-edge analytics. This unique foundation empowers SIU to combat claims fraud with speed, precision, and efficiency.

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