At least 10% of property/casualty insurance claims are fraudulent, according to the National Insurance Crime Bureau (NICB). In an effort to stem the tide, Zurich in North America (Schaumburg, Ill.) announced its special investigations unit (SIU) has adopted the latest version of ISO's ClaimDirector fraud analytics service to further enhance the company's ability to detect and prevent fraud. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics.
"The adoption of the ISO ClaimDirector service further enables our people to identify and investigate potentially fraudulent claims earlier in the claims process," said Dan Franzetti, senior vice president, Claims Technical Shared Services, Zurich, in a press release. "Ultimately, this tool aids Zurich's ability to increase early detection of potential fraud and thus reduces loss costs associated with fraudulent claims."
[Only 17% of Insurers Use Predictive Analytics in Claims, according to recent Towers Watson research.]
A key component of the ISO ClaimDirector service is a claims scoring system that helps distinguish between meritorious claims and those that are suspicious. The tool helps Zurich's antifraud team sort through thousands of claims quickly -- highlighting those that may warrant further attention by the SIU.
"Zurich is committed to fighting fraud and protecting its customers. The use of ISO's ClaimDirector is another fine example of our continuous focus on delivering superior service," added Brian Wilson, head of Zurich's SIU, in the press release.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio