How Home-Insurance Claims Adjusters Can Benefit from ISO ClaimSearch

In the intricate realm of insurance claims, accuracy is paramount. Claims adjusters like you play a pivotal role in ensuring that policyholders receive fair compensation for their losses. However, the complexity of modern insurance claims also necessitates powerful tools to streamline the process. Enter ISO ClaimSearch – a comprehensive and cutting-edge solution designed to revolutionize the way claims are researched.

What is ISO ClaimSearch?

ISO ClaimSearch, developed by Verisk Analytics, is the largest and most comprehensive claims database in the United States. You can access the database and perform searches via a handy app, or with a desktop or laptop computer.

What Are the Benefits of Using This Database?

By providing access to a vast pool of claims data, the ISO ClaimSearch database empowers you with valuable insights that can significantly impact the accuracy and efficiency of your work, and help you make well-informed decisions.

You can use the database to streamline the claims process, identify claim patterns, detect fraud, and compare active claims to historical data and industry standards. And you can do all of that quickly: The platform’s robust platform provides search results rapidly, to help you fast-track handling of open home-insurance claims.

Let’s take a closer look at how that works…

Information You Need to Run a Search

 First, you are required to enter the following information about the policyholder:

• Last Name / First Name
• Address
• City
• State

Then enter some or all of the following information to initiate a search for a past or present claim:

• Zip Code
• Social Security Number (SSN)
• Tax Identification Number (TIN)
• Home Phone Number
• Driver's License Number
• Driver's License State

Of course, ISO strongly encourages you to enter as much information as possible. This helps identify matching claims.

The Type of Information Included in an ISO Search Report 

The report will include a list of all the claims the policyholder has filed in the past. And for each claim, the report may state information such as:

• The insured party
• The insurance company involved
• The location of the loss/accident
• The date and time of the loss/accident
• A description of the loss/accident
• The injuries claimed
• The status of the claim (i.e., open or settled)
• Contact information for the adjuster involved in that claim

How You Can Leverage the Database for Your Own Benefit

You can harness the full potential of ISO ClaimSearch by implementing the following strategies:

• Workflow Enhancement: Integrate ISO ClaimSearch with your existing-claims management systems to expedite claims processing.

• Data-Driven Decision Making: Leverage available data to make informed decisions. Use historical claim patterns and insights to evaluate the legitimacy of claims and determine suitable settlement amounts.

• Fraud Detection and Prevention: Cross-reference claimant data with the information in the system to catch any inconsistencies or suspicious claims. 

• Informed Claims Processing: Compare the current claim with historical loss-history data to ensure consistency and fairness in your decision-making.

Why You Should Pair ISO ClaimSearch with a Floor Plan App

While ISO ClaimSearch certainly is a substantial tool, it only provides historical data, which is a look into the past. But you must also gather current data -- in other words, details about the present damage claimed by the policyholder. And a high-quality floor plan app, such as magicplan, is the ideal tool for that purpose. This type of app uses augmented reality technology to measure and map out the dimensions of rooms within residential properties. 

But a good floor plan app also will do much, much more! When you visit a policyholder’s home to assess their claimed damage, you should be able to use your app to do all of the following:

• Create an accurate floor plan sketch of all damaged rooms within minutes, right on your mobile device.

• Insert detailed notes into the floor plan as you assess the extent of the damage.

• Take photos and attach those to your floor plan as additional evidence (instead of relying on the homeowner’s own photos).

• Add annotations to your photos to clarify details.

• Easily create a single photo report that contains the sketch, information and visuals you gathered.

Once that’s done, you will have two solid, objective resources for claim-related decision-making: historical data from ISO ClaimSearch, and current data from your own fact-based report. You can use both together to increase the accuracy of your claim assessments and swiftly estimate repair costs. 

And speaking of saving time: A multi-functional floor plan app will let you generate a ready-to-use PDF of your damage-assessment report, and then send it to the insurance company and the policyowner before you leave the residence.

Limitations to Bear in Mind

While ISO ClaimSearch offers substantial benefits, it's important to be aware of its limitations:

1. Data Accuracy and Completeness: The accuracy and completeness of the database relies on the quality of data entered by insurance companies. Inaccuracies or omissions in this data could impact the effectiveness of the platform's insights.

2. Limitations on Data Sharing: Handling claims data from the database must be done in compliance with legal frameworks. You must be diligent in safeguarding sensitive information and adhering to data privacy regulations.

3. Overreliance on Technology: While ISO ClaimSearch is a powerful tool, it should complement, not replace, your professional expertise. Relying too much on technology might result in overlooking nuanced aspects of claims evaluation.

Summary

ISO ClaimSearch can serve as a significant resource when you handle home-insurance claims. Its ability to aggregate and analyze claims data can empower you with insights that streamline investigations, detect fraudulent activities, and enhance decision-making, and detect fraudulent activities. The database is especially effective when paired with use of a powerful floor plan app. However, at the same time, you must remain mindful of the ClaimSearch platform's limitations and ensure that you use it wisely.

EXCITING NEWS:

The magicplan app now integrates with Xactimate®!

See how you can send your magicplan sketches to Xactimate in seconds