Jersey City, N.J., March 26, 2012 – ISO announced the release of a new information source for claims and fraud investigators that will bolster industry efforts to fight insurance fraud. Through an alliance with Digital Recognition Network (DRN), an industry pioneer in asset location technology and services, ISO is introducing Vehicle Location Reports, available through the ISO ClaimSearch Decision Net® public records and investigations portal. The reports – a first-of-its-kind investigative tool – provide a history of a vehicle’s physical location based on public sightings.
Vehicle Location Reports feature firsthand photographic evidence and mapping of public vehicle sightings, including a photo of the vehicle, a photo of the vehicle’s license plate, date and time stamp for each photo, GPS coordinates for each location where the vehicle was sighted, and display of coordinates on a geo-map offering road and satellite views of the location.
“The Vehicle Location Reports are an important addition to our data sources,” said Rich Della Rocca, vice president, ISO Claims Solutions. “Our strategic alliance with DRN will certainly add value to the investigations support we provide to our customers.”
The Vehicle Location Reports are of particular value where the focus of claims review and investigations is to locate persons of interest, such as witnesses, claimants, or other parties to a claim. The reports can also help investigate suspicious auto claims, reveal preexisting vehicle damage, and identify instances of possible rate evasion, as well as validate claimant statements and supporting information.
“We’re pleased to work with ISO and the insurance industry to bring data solutions that mitigate risk and increase profitability,” said Chris Metaxas, chief executive officer of Digital Recognition Network.
DRN’s technology and services fuel a national network of affiliates operating mobile license plate recognition solutions in every major metropolitan area across the United States. The network captures both images and data on a vehicle’s physical location. DRN houses the data in a private database of vehicle information that is protected by the strictest safeguards for privacy, compliance, and data integrity.
About Digital Recognition Network
Digital Recognition Network (DRN) is a data company exclusively focused on data derived from vehicles. By analyzing vehicle location data, DRN is able to drive impact and actions that result in increased profitability, lower risk, and improved commerce with consumers. An industry pioneer in vehicle asset location technology and services, DRN fuels a national network of 550 affiliates employing mobile license plate recognition technology that gathers and analyzes data. Because this technology is used in every major metropolitan area in the United States, DRN captures data on up to 50 million vehicles each month. With more than 700 million data points gathered to date, DRN has the largest vehicle location database in existence.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com.