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Individual Insurance Enquiry
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If you are in the Insurance industry and you need to assess insurance risk, improve claims processing and combat fraud relating to individuals, conduct an Individual Insurance Enquiry.
How does this product work?
An Individual Insurance Enquiry will show the individual's claims history over the last ten years, as well as any commercial credit* and public record information available.
As part of a membership agreement with Insurance Reference Services (IRS), participating insurers submit insurance claims on a regular basis and in turn use IRS to research loss histories, identify claim patterns and detect suspect claims.
*The Privacy Act prevents insurer's access to consumer credit data, however IRS offers access to commercial and third party data.
When would you need to use an IRS report?
The information held on the IRS database can be used in a variety of cost efficient ways to add value to your underwriting, fraud detection and claims management processes:
Underwriting
- To measure insurance risk
- Detect non-disclosure of previous claims
- Make informed pricing decisions at application
- Identify No Claims Bonus churners
Renewal
- Assess current premium pricing
- Monitor high risk policyholders
Claims and investigation
- To ensure legitimate claims are processed promptly
- To assess fraudulent/suspect activity
- Detect non-disclosure of previous claims
- Identify claims patterns
What information does an IRS file contain?
An IRS enquiry contains:
- Identity details
- Insurance claims
- Insurance enquiries
- Loss assessor enquiries
- Commercial credit information
- Public derogatory information (e.g. bankruptcies, court writs, receivership, judgements, winding up petitions and ASIC information)
How much does it cost?
Our pricing system has been designed to include graded benefits linked to annual spend. For all pricing information, please contact our Customer Service Centre on 1300 921 621 to discuss your business requirements so we can design a tailored solution to suit your needs.
What else should I know?
Alerts can be placed on individual files where an insurer has an ongoing interest. Notifications can be customised to provide the insurer with detail of new insurance claim activity, derogatory public record information, or commercial credit default. Often alerts are used for insurance contracts that have a long tail claims process i.e. CTP, workers compensation and income replacement.
Benefits:
- Immediate notification of a new claim or public derogatory information i.e. 'What has the claimant been up to whilst on benefit?'
- No cost in set up of accounts to be monitored or for email notification
- No cost for monitoring service until a change to a watched record occurs (pay only for the information you receive)
- Ability to set the time period you wish to monitor an account i.e. restrict to period of watch to the length of the claim period
- Watched file can be turned off at any time with no cost incurred if no movement on the file
- Information used to supplement the data available for claims file management and reduce time required in the quarterly claim reviews
- Expected trigger rate of 15-20% on watched accounts
To subscribe and begin using these products and services, or to discuss how we can tailor a solution to meet your needs, please call 1300 921 621.
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1300 921 621