Material - Big Data Working Group · 2019-12-16 · data feeds and improve data quality. OFAC Compliance Services provide automated checking of reported claims against government

© 2019 Verisk Analytics, Inc. All rights reserved. 1

Big Data Working GroupLeveraging Big Data and Analytics in Claims

August 3, 2019

Kevin RawlinsDirector, Customer EngagementISO Claims Solutions


Do you remember when?

19711990

2007

2019!

Photo SharingInteractive Claim History Timeline

Big Data Working Group


Current State ISO ClaimSearch ® Ecosystem



Industry Hit Rate 80%

Salvage Records

79M(+4,5% growth)

Claim Users Hundreds of thousands

Database represents 97% of the Industry

Theft Records12.3M+7.1%

Total Database

Size1.4B

New Records Added Yesterday

1.1M

SIU Users8,200

Impound Records 47M

(+% YOY)Avg. 181K per month

Identifying Data-CasualtySSN – 76%

DOB – 87%Telephone – 66%

Web Searches

34m (+3.4% YOY)

2019 - ISO ClaimSearch®by the numbers…..


80BAll Lines Annual Fraud Estimate

66%% of Insurers that feelFraud has increased

34BFraud costs for

U.S. P&C insurers

Fraud, Waste & Abuseby the numbers….

“By the Numbers.” Fraud Statistics, www.insurancefraud.org/statistics.htm#2.rce Coalition

Against Fraud



Automated “Right Touch” Adjusting

Low Touch

High Touch

CoverageVerification

Claim Triage

FraudDetection

Claim Details

Collection

Valuation/Estimate

Subro/ Salvage

QA/ Audits

Settlement/Payment

Liability

Fraud

Details Collection

Triage

Coverage Settlement

QA/Audits

Subro/Salvage

Valuation No TouchChatBotsApps Cloud ScalingRPA

TECHNOLOGIES

DATA

Speech/Text Cognitive

Deep Learning

ML/Predictive Analytics

AI / ANALYTICS

“Right Touch” Adjusting



Verisk Insurance Solutions (VIS)

Network Dynamics – depth and breadth

138 million claims

95 million relationships

17 million discrete Networks

466 highest Scoring Weekly Networks


© 2019 Verisk Analytics, Inc. All rights reserved. 8© 2017 Verisk Analytics, Inc. All rights reserved. 8© 2019 Verisk Analytics, Inc. All rights reserved. 8

Compliance Benefits


ISO ClaimSearch ® Compliance Solutions

Since 2007 the Office of Child Support Enforcement has helped collect > $80M

Child Support Lien Network collections > $1.3B CMS and MAIS solutions report on behalf of

participating members, streamline automated data feeds and improve data quality.

OFAC Compliance Services provide automated checking of reported claims against government watch lists of terrorists and crime suspects.

NVMTIS Reporting – Assists members with total loss and salvage requirements as outlined by the DOJ.

Fire Marshall reporting improves the quality of member company fire loss statistics.

ISO ClaimSearch Compliance Dashboards

Innovation & Technology (EX) Task Force


Innovation


ISO ClaimSearch ® – Where the claims settlement process begins…..



Aerial Imagery


© 2019 Verisk Analytics, Inc. All rights reserved. 13Post Catastrophe Response

1 Pre & Post loss comparison


Hurricane Irma Storm Surge• Property specific historical weather data• Addresses industry date of loss issue• Assists in claim investigation and mitigation

Hail | Lightning | Wind | Hurricane

BenchmarkVerisk Weather


Hurricane Irma Storm Surge

Storm Surge

• Geospatial weather data• Exposure analysis via PIF overlay

Hail | Hurricane | Wildfire | RainfallWindstorm | Tornado | Snow & Ice Storm Surge

• Hurricane files delivered 4x daily• Hail and windstorm files delivered daily or

more frequently• Primarily used for catastrophe response • Can be overlaid with Aerial post-storm

imagery

RespondVerisk Weather


• Live stream and recorded video• Document exchange• Shared Claims Calendar• Personal Property Inventory (restore/replace)• Team Collaboration / Messaging• Customer Sentiment/Satisfaction Tracking

Policyholder Collaboration Portal


Verisk “Right Touch” Claims Adjusting



Thank You!For additional information contact:

Kevin Rawlins, Director, Customer Engagement, [email protected], (p) 201-253-8484

Stephen Clarke, V.P. Government Relations, [email protected], (p) 201-469-2656

mailto:[email protected]

mailto:[email protected]


TMTM

Documents

Material - Big Data Working Group · 2019-12-16 · data feeds and improve data quality. OFAC Compliance Services provide automated checking of reported claims against government