Insurance Services Office, Inc. (ISO) has acquired 100 percent of NetMap Analytics LLC, a Columbus, Ohio-based software company that produces visual-link analysis technology used to detect fraud in insurance claims.
The acquisition follows ISO’s purchase last year of a majority position in the firm, which operationally, will become part of ISO’s claims department. The software operation will continue to be called NetMap Analytics and will remain in Columbus.
ISO will retain sole rights to sell NetMap insurance products – including ViewLink Manager and NetMap for Claims – around the world, other than in Australia, New Zealand and Singapore.
Moreover, ISO will retain a minority position in NetMap Analytics Pty Ltd. based in Sydney, Australia, under the leadership of its chief executive officer, Richard McLean, the former head of NetMap Analytics. The Australian entity is licensed to sell NetMap insurance products in the Australian, New Zealand and Singapore markets, and non-insurance products worldwide other than in the U.S.
“By acquiring sole ownership of NetMap and integrating it into ISO’s claims unit, ISO is now able to assure the U.S. property/casualty insurance industry an uninterrupted flow of fraud-detection products and services, and support for those services,” Frank J. Coyne, ISO’s president and chief executive officer, said.
“ISO is committed to be an arsenal in the property/casualty industry’s war on claims fraud that robs insurers – and ultimately policyholders – of more than $24 billion a year,” Coyne said. “Full ownership and control of NetMap deepens ISO’s ability to meet that commitment.”
Top insurers analyze their data using NetMap for Claims software to reveal potentially fraudulent claims. To detect patterns of fraud, NetMap for Claims analyzes insurers’ own data as well as data from the ISO ClaimSearch® system, ISO’s antifraud claims information database of 256 million records.
NetMap visual link analysis technology also forms the basis of ISO’s PC-based ViewLink Manager software that dramatically improves insurers’ effectiveness in using the ISO ClaimSearch system by presenting relationships in visually compelling form.
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