American data analytics and risk assessment company Verisk has launched a new cloud-based system, called ClaimSearch, to combat insurance fraud in Israel.
ClaimSearch has been developed in partnership with the Israel Insurance Association and is supported by the government.
Verisk said that this system has been launched to “revolutionise” efforts to counter insurance fraud in the country, utilising advanced analytics and data contributions from the local insurance industry.
The cloud-based platform will leverage computing resources, combined with deep domain expertise, to conduct a “swift” analysis of auto claims for detecting any indications of fraud.
It aims to eventually minimise fraudulent activities for the benefit of the insurance industry in Israel.
ClaimSearch is also capable of authenticating details provided by insurance applicants.
The platform helps in comparing this information with data from the database or other sources, including the Israeli Ministries of Interior, Transportation and Public Security, to deliver accurate and reliable information for the applicants.
Claim adjusters can use ClaimSearch’s advanced tools for investigation, data visualisation and business intelligence reporting.
Verisk anti-fraud analytics vice-president and general manager Helena Cornell said: “Preventing insurance fraud today requires a combination of robust data, advanced analytics, and solid industry partnerships.
“We have 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 engaged in operating a central industry claims database dedicated to compulsory insurance in Israel.
Last year, Verisk renewed its collaboration with the National Insurance Crime Bureau (NICB) to combat insurance fraud.