When insurance companies are faced with substantial claims that must be verified, they turn to Verisk. When Verisk needed a data visualization tool to assist those insurance companies, it turned to TIBCO.
Insurance companies have a difficult task of ensuring the claims they accept are valid, in order to prevent loss due to fraud. With the world’s largest, most comprehensive claims database, Verisk is there to help. One of the main uses of the database is to verify weather patterns and natural disaster-related damage claims—insurers can easily detect fraud if a claim doesn’t match up with the weather at the time.
While Verisk’s database used to only turn up text reports for adjusters to check claims against, now it provides them with visual, multilayered analyses of weather patterns supported by TIBCO Spotfire®. TIBCO Spotfire allows users to view a wide range of dashboards with visual representations of the claims currently in Verisk’s database, making it easier to detect fraud based on visual anomalies in the data. On the other hand, if there is a series of claims that have already been verified at that time and place in the database, adjusters can be more certain that they have a valid case.
One of the best examples of how useful data visualization is to insurance adjusters is hurricane season. Verisk is able to track the weather around hurricanes and create predictive models based on where the related damage occurred. “By laying claims data on a map where storm damage occurred, we empowered our customers to confirm losses—as well as detect outliers that could be indicators of opportunistic fraud,” said Anthony Fiorino, vice president of engineering and chief data officer at Verisk.
To learn about the various other ways TIBCO Spotfire is helping Verisk help customers, check out the full case study now.