Verisk Launches First Notice of Loss (FNOL) Service to Help Property/Casualty Insurers Improve Claims Processing Efficiencies
June 29 2022 - 9:00AM
Property/casualty insurers using Verisk’s (Nasdaq: VRSK)
ClaimSearch® solution can now append certain missing information
with insurer-contributed first notice of loss (FNOL) data to help
process claims faster and more efficiently. As part of the existing
ClaimSearch service, the new FNOL initiative will leverage Verisk
claims data to augment carriers’ own FNOL contributed information.
The latest efficiency enhancement to this service will include
telematics data from strategic partners, including Driver
Technologies, an AI-based mobility tech company whose award-winning
Driver App enables drivers to receive real-time, video-based safety
alerts, roadside assistance and gas discounts, all while serving as
an internal and external dashcam just by mounting their
phone.
“We’re excited to work with Verisk to empower drivers to
confidently share and manage their critical collision data with
their insurers with just a click of a button,” said Rashid
Galadanci, CEO and co-founder of Driver Technologies. “By providing
video, telematics and analytics at first notice of loss, we enable
insurers to better serve drivers after an accident. Our DriverCloud
platform enables drivers, fleet operators and insurers to share and
manage video and driving data from the Driver mobile app or any
third-party video source. We pride ourselves on safety innovation
and flexibility in working with partners, and we’re excited to
collaborate with Verisk on this initiative.”
In the future, Verisk will look to make other optional
third-party information available, including telematics crash
detection data, public records data and data on lienholders,
vehicle ownership and weather, all designed to continue to enhance
the efficiency of claims processing.
FNOL Data to Flow Seamlessly from Verisk’s Secure Cloud
Network
The FNOL initiative is enabled by Verisk’s automated Universal
Format (UF) record-sharing process, which is currently ingested by
more than 30 commercial claim systems and over 700 insurers. The
FNOL services will be designed to allow data to flow seamlessly
between Verisk’s trusted virtual private cloud network and
subscribers’ claim systems via existing APIs, requiring little or
no insurer technology resources to integrate.
ClaimSearch has more than 1,600 subscribers, including insurers,
self-insureds and third-party administrators (TPAs), which extends
to more than 90% of the U.S. P&C insurance market.
“As a trusted steward of industry data for more than 50 years
and custodian of the data in our ClaimSearch® database, Verisk is
uniquely positioned to help the P&C industry share FNOL
information in a highly automated, secure way,” said Carlos
Martins, senior vice president of claim solutions at Verisk. “The
FNOL data flow can help our customers streamline claims processing.
In addition, opening ClaimSearch’s ecosystem to sources from
third-party data providers like Driver Technologies will help
create additional efficiencies and help lessen or eliminate data
entry errors.”
More information about Verisk’s FNOL solution, including
information about participation, is available here.
About Verisk Verisk (Nasdaq: VRSK) provides
data-driven analytic insights and solutions for the insurance and
energy industries. Through advanced data analytics, software,
scientific research and deep industry knowledge, Verisk empowers
customers to strengthen operating efficiency, improve underwriting
and claims outcomes, combat fraud and make informed decisions about
global issues, including climate change and extreme events as well
as political and ESG topics. With offices in more than 30
countries, Verisk consistently earns certification by Great
Place to Work and fosters an inclusive culture where all team
members feel they belong. For more, visit Verisk.com and the Verisk
Newsroom.
About Driver TechnologiesDriver Technologies is an
AI-based mobility tech company that delivers the products and
services needed to keep everyone protected on the road. Their
award-winning mobile app Driver, transforms a driver’s phone into a
dash cam designed to improve road safety and make mobility
technology more accessible. Driver allows users to video record
their trip while receiving safety alerts such as forward collision,
driver drowsiness and distraction warnings, while also offering
cloud-based video storage, roadside assistance services, gas
discounts, coaching and scoring capabilities. Users have full
control over their data stored on the DriverCloud and can choose
what to share with interested parties such as employers, insurers
and family members. The Driver app was recently featured in the
June 2022 print edition of Consumer Reports as one of four dash
cameras in the June 2022 print edition of Consumer Reports on “What
a Dash Cam Can Do For You.” For more information, please
visit drivertechnologies.com/.
Michelle Pantina
Verisk
551-500-7327
michelle.pantina@verisk.com
Maddie Hirsch
Driver Technologies
773-899-6281
maddie@calibercorporateadvisers.com
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