TEL AVIV, Israel, June 28, 2023 — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, announced that it has implemented a suite of technology services for ClaimSearch Israel Ltd., a subsidiary of Verisk (NASDAQ: VRSK), Israel's official fraud detection database operator for the country’s compulsory insurance market.
The new solution leverages Kyndryl’s powerful computing resources and Verisk’s deep domain expertise to quickly analyze new auto claims for bodily injury (compulsory insurance in Israel) and detect indications of fraud. Insurance fraud in Israel costs insurers hundreds of millions of New Israeli Shekel (NIS) per year, resulting in higher premiums for policyholders.
“Preventing insurance fraud today requires both robust data and advanced analytics,” said Gidi Stern, General Manager of Verisk ClaimSearch, Israel. “With the help of Kyndryl, we’ve taken our anti-fraud engine to the next level, enabling insurers to monitor claims in real time, check claims histories on-demand and cross-check information from public sources. The result is better service and faster payments for the overwhelming majority of consumers with meritorious claims.”
Verisk ClaimSearch has been operating a central industry claims database for compulsory insurance in Israel since 2006. In 2017, Verisk won a contract from the Israel Insurance Association to develop a new and improved system with advanced analytics and abilities. Verisk engaged Kyndryl to modernize the database and provide secure, fast and integrated IT services.
The new system enables users to authenticate details provided by the insurance applicant, comparing them to information appearing in the database and information received from various Government Ministries and agencies. Insurance claim adjusters can also use advanced tools for data investigation, visualization and business intelligence reporting.
“The digitization of insurance has led to rising consumer expectations for a simpler and faster claims experience,” said Dror Pearl, Managing Director of Kyndryl Israel. “By working with Verisk, we’ll be able to help insurers to detect potential fraud and accelerate the claims process with the help of a powerful and reliable technology.”
To support the system, Kyndryl supplies 24/7 managed NOC (Network Operation Center) and SOC (Security Operation Center) services, backed by two datacenters and high-performance databases with capabilities of 200,000 complex queries per hour. A Geo Cluster solution with Veeam backup and replication are part of the disaster recovery strategy.
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider, serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. For more information, visit www.kyndryl.com.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 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.