Universal Claims Format... Fraud Detection
Friday, September 15th, 2000 FraudBy developing a standardized claims reporting format, Insurance Services Office hopes to increase insurance companies‘ ability to detect fraudulent claims by cross-checking them in ISO‘s All-Claims Database. The new methods of reporting and coding claims were adopted in July. More than 4,000 insurers, self-insured entities and third-party administrators now report claims to ClaimSearch, ISO‘s antifraud information system for auto, property and liability claims. By cross-checking new claims against the 147 million records in the system, users can detect staged-accident rings, multiple claims for the same loss and other types of fraud. The new Universal Format is intended to standardize and enhance insurers‘ reporting of information for all types of claims and to improve the utility of the system‘s information for handling claims and detecting fraud.
