NICB Renews Verisk Contract to Manage Aggregated Medical Database

February 25, 2020 / 2 min read

JERSEY CITY, N.J., February 25, 2020 — Verisk [Nasdaq:VRSK], a leading data analytics provider, announced today that the National Insurance Crime Bureau (NICB) has renewed its contract for the third time to host and maintain the Aggregated Medical Database (AMD). The partnership has resulted in the development of the AMD’s award-winning platform to identify medical provider fraud for NICB and its member companies.

“We’re committed to delivering the highest-quality service, and our ongoing collaboration with Verisk is yet another reason NICB continues to be the thought leader when it comes to insurance fraud and theft,” said Joe Wehrle, president and CEO of NICB. “It’s in the best interest of NICB, our members, and law enforcement partners to use medical and prescription billing data to create innovative solutions that combat medical fraud.”

Identifying suspicious behavior in provider billing offers an opportunity for property/casualty insurers to contain expenditures in claims that have a medical component.

“Our predictive analytics are applied to the AMD’s contributory information to quickly discover markers of potential fraud, waste, and abuse in medical billing data,” said Richard Della Rocca, president of ISO Claims Analytics, a Verisk business. “This large-scale analysis produces actionable reports that allow NICB to create MedAWARE Alerts that identify suspicious providers that may be negatively affecting their members’ claims costs.” Della Rocca added, “We’re proud of our near 50-year commitment to fighting fraud, and our partnership with NICB strengthens our efforts focused on exposing medical provider fraud.”

Through its partnership with NICB on the AMD, Verisk has developed ISO MedSentry^®, a predictive analytic solution that detects potential fraud, waste, and abuse across an insurer’s entire book of business.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com