JERSEY CITY, N.J., August 22, 2018 - ISO, a Verisk (Nasdaq:VRSK) business, announced today that it has signed a 10-year contract
with the Israel Insurance Association to operate an advanced fraud detection database for Israel's insurance market. ISO
ClaimSearch® Israel has been the country's leading fraud detection database for compulsory motor insurance since it was
selected by the Israeli Ministry of Finance in 2006. ISO's new database system will offer innovative InsurTech features, including
advanced business intelligence tools, graphic link analytics, and parameterized fraud indicators.
"We're pleased to extend our relationship with the Israeli insurance industry and bring more robust fraud detection and analysis
tools to the country's insurance market," said Richard Della Rocca, president, ISO Claims Analytics. "We anticipate the new system
will produce industry benefits over and above the goals identified in the Ministry's studies."
ISO ClaimSearch Israel supports insurance companies and detects fraud in both claims and underwriting. Studies by the Ministry
have proven the system's direct benefit for insurers and the general public alike. The drop in insurance premiums in the compulsory
motor bodily injury line over the last decade has been attributed in part to ISO's efforts.
"We're proud to have been selected as the fraud detection database operator after an extensive RFP [request for proposal]
screening process, and we look forward to our continued collaboration for the benefit of the industry at large," stated Gideon
Stern, general manager, ISO ClaimSearch Israel, Ltd.
A committee of individual insurers selected ISO ClaimSearch Israel, Ltd., over all other local and foreign
competitors.
About ISO
ISO, a Verisk (Nasdaq:VRSK) business, is a leading provider of advanced tools and analytics for the property/casualty insurance
industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price
risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines
of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders
in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers,
insurance regulators, and risk managers. For more information, please visit www.verisk.com/iso.
Contact:
Erin Bzymek
MWWPR (for ISO)
201-507-9500
ebzymek@mww.com
