IT infrastructure services provider Kyndryl said that it has implemented a range of technology services for Verisk’s subsidiary ClaimSearch Israel, which is the official fraud detection database operator for the Israeli compulsory insurance market.
By making use of Kyndryl’s computing resources and Verisk’s deep domain expertise, the new solution is said to analyse new auto claims quickly for bodily injury (compulsory insurance in Israel) for potential signs of fraud.
Insurance fraud in Israel costs insurers hundreds of millions of New Israeli Shekel (NIS) per year, resulting in higher premiums for policyholders.
Verisk ClaimSearch, Israel general manager Gidi Stern said: “Preventing insurance fraud today requires both robust data and advanced analytics.
“With the help of Kyndryl, 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.”
Since 2006, Verisk ClaimSearch has been managing a central claims database for compulsory insurance in Israel. In 2017, the Israel Insurance Association awarded Verisk a contract to build a new and better system by implementing advanced analytics capabilities.
To modernise the database and offer secure, expedient, and integrated IT services, Verisk collaborated with Kyndryl.
The new system is said to empower users to validate data given by insurance applicants, cross-referencing it with the information in the database, and data obtained from various government ministries and agencies.
Furthermore, insurance claim adjusters now have access to sophisticated data investigation tools, along with visualisation and business intelligence reporting capabilities.
To ensure seamless operation of the system, Kyndryl provides round-the-clock managed services through its Network Operation Center (NOC) and Security Operation Center (SOC).
The services are supported by two data centres and databases capable of handling up to 200,000 complex queries per hour. As part of the disaster recovery strategy, a Geo Cluster solution and Veeam backup and replication are implemented.
Kyndryl Israel managing director Dror Pearl said: “The digitisation of insurance has led to rising consumer expectations for a simpler and faster claims experience.
“By working with Verisk, we’ll be able to help insurers to detect potential fraud and accelerate the claims process with the help of a powerful and reliable technology.”
