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Verisk launches new service for P&C insurers

30th June 2022 - Author: Kassandra Jimenez-Sanchez

Insurance and analytics provider, Verisk has announced the launching of a service that will help property and casualty insurers improve claims processing efficiencies.

Customers using Verisk’s ClaimSearch solution can now access first notice of loss (FNOL) and telematics data with little or no insurer technology resources required to integrate, said Verisk in a statement.

As part of its existing ClaimSearch service, the new FNOL initiative will leverage Verisk claims data to augment carriers’ own FNOL contributed information, noted the analytics firm.

This initiative, Verisk explained, is automated by its Universal Format (UF) record-sharing process, which is currently ingested by more than 30 commercial claim systems and over 700 insurers.

FNOL services will be designed to allow data to flow seamlessly between Verisk’s trusted virtual private cloud network and subscribers’ claim systems via existing APIs, requiring little or no insurer technology resources to integrate.

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Carlos Martins, senior vice president of claim solutions at Verisk, commented: “As a trusted steward of industry data for more than 50 years and custodian of the data in our ClaimSearch database, Verisk is uniquely positioned to help the P&C industry share FNOL information in a highly automated, secure way.”

ClaimSearch has more than 1,600 subscribers, including insurers, self-insureds and third-party administrators (TPAs), which extends to more than 90% of the U.S. P&C insurance market.

Martins added: “The FNOL data flow can help our customers streamline claims processing. In addition, opening ClaimSearch’s ecosystem to sources from third-party data providers like Driver Technologies will help create additional efficiencies and help lessen or eliminate data entry errors”

Telematics data coming from partners like Driver Technologies, an AI-based mobility tech company, will enhance this service, Verisk noted.

Driver Technologies’ award-winning Driver App enables drivers to receive real-time, video-based safety alerts, roadside assistance and gas discounts, all while serving as an internal and external dashcam just by mounting their phone.

“We’re excited to work with Verisk to empower drivers to confidently share and manage their critical collision data with their insurers with just a click of a button,” said Rashid Galadanci, CEO and co-founder of Driver Technologies.

He added: “By providing video, telematics and analytics at first notice of loss, we enable insurers to better serve drivers after an accident.

“Our DriverCloud platform enables drivers, fleet operators and insurers to share and manage video and driving data from the Driver mobile app or any third-party video source. We pride ourselves on safety innovation and flexibility in working with partners, and we’re excited to collaborate with Verisk on this initiative.”

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