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.
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.
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…
First, you are required to enter the following information about the policyholder:
Then enter some or all of the following information to initiate a search for a past or present claim:
Of course, ISO strongly encourages you to enter as much information as possible. This helps identify matching claims.
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:
You can harness the full potential of ISO ClaimSearch by implementing the following strategies:
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:
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.
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.
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.
The magicplan app now integrates with Xactimate®!
Sales Consulting Manager