ISO ClaimSearch Israel, a business unit of Jersey City, N.J.-based ISO, has launched a new underwriting system that will enable companies for the first time to verify information supplied by an applicant, according to an ISO press release. 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 investigators.
The underwriting system is aimed at enabling 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 the ISO source.
"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," says Lisa Sayegh, director of ISO ClaimSearch Israel. "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.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio