Insurance Reference Services
Insurance companies look for key indicators within a claim submission and claimants behaviour when managing exposure to fraudulent claims across their portfolios To successfully do this, insurers require as much relevant information on the claim and claimant as possible.
The Insurance Reference Service (IRS) claims database, hosted by Veda, has access to over 25 million claims on 11 million individuals within Australia. It provides insight into previous claim activity of an individual, an address, or a vehicle.
In particular the database highlights:
- Multiple or unusual claim patterns
- Previously denied, withdrawn, or cancelled claims
- Additional suspicious activity.
This knowledge enables insurers to efficiently assign internal investigation resources; resulting in targeted questioning and a faster investigative process.
Combined with Veda’s identity verification and fraud product suite, IRS products provide a valuable first line of fraud defence.
- Assess revenue premium leakage and rating error
- Apply the relevant No Claim Bonus without requiring documentary proof
- Use insurance claim history as a rating factor - when this information is not readily available on your database
- Determine a claimant's adherence to policy disclosure conditions
- Determine claim fraud indicators from data held on the IRS data
- Verify an insured identity
Benefits to You
Veda can help you to:
- Maximise conversion rates
- Reduce non-disclosure issues
- Maximise risk pricing
- Reduce fraud exposure
- Select your own delivery channel
All major general insurers participate in the IRS claim data sharing system - resulting in a more complete risk picture, more informed decision-making and enhanced portfolio performance over the longer term.