Data shows that insurance fraud in Israel has been a significant concern, costing insurers hundreds of millions of New Israeli Shekels (NIS) every year and resulting in higher premiums for customers.
Notably, Verisk has also been operating a central industry claims database for compulsory insurance in Israel since 2006.
According to reports, the solution leverages advanced analytics and data contributions from across the Israeli insurance industry. For example, the ClaimSearch system uses cutting-edge computing resources and deep domain expertise to analyse auto claims and highlight indications of fraud. The ultimate purpose is to lower incidents of fraud, and therefore benefitting the entire insurance industry.
Created in partnership with the Israel Insurance Association, the solution also has the support of the government, with the core aim of transforming the struggle against insurance fraud in the country.
A key feature authenticates information provided by insurance applicants. The system then compares these details with data from the database and other sources which include the Ministries of Public Security, Interior and Transportation.
Claim adjusters will benefit from advanced tools for investigation, data visualisation, and business intelligence reporting, news outlets said.
Speaking about the launch, Helena Cornell, Vice President and General Manager for Anti-fraud Analytics at Verisk, said: “Preventing insurance fraud today requires a combination of robust data, advanced analytics, and solid industry partnerships.
She added: “We’ve 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.”
