HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: James Reyes
City Manager
CDocuSigned by: �n b �.
89566EB73CAC668
FROM: Annie Perez, CPPO REFERENCES: Sole Source No.
Director/Chief Procurement Officer 25-26-025
DATE: April 28, 2026
SUBJECT: Sole Source for Verisk
Analytics, Inc.
Market Research was conducted to determine whether Insurance Services Office, Inc. ("ISO"), a
wholly owned subsidiary of Verisk Analytics, Inc. ("Verisk"), both located at 545 Washington
Blvd., Jersey City, NJ 07310, is the sole source provider of the ISO ClaimSearch contributory
database ("ClaimSearch"), on behalf of the City of Miami ("City") Risk Management Department
("Risk").
ClaimSearch is identified as a "contributory" industry database, meaning all users are members of
ClaimSearch and must own or administer claims in order to be eligible for a membership
subscription. Accordingly, only insurance carriers, self -insureds, risk pools, third party
administrators ("TPAs"), etc. ("Participating Organizations"), are eligible for membership in
ClaimSearch. The intent of the contributory database is such that all members of the insurance
industry, including competitor organizations, agree to contribute their claims data for the greater
good of preventing insurance fraud.
On a daily basis, participating organizations electronically submit thousands of insurance claims
in all lines of business including property, casualty, and automobile insurance. ClaimSearch
automatically loads these claims into its database and the Participating Organizations use the
proprietary system searches to find other claims filed by the same individual or business, either as
a claimant or as an insured. ClaimSearch provides a comprehensive "match report" showcasing
a claimants' complete history across casualty, property, and auto physical damage ("APD") claims.
As a result, Risk can better determine if claimants who have filed claims against the City for
bodily injury or workers' compensation claims have had previous and/or current accidents
nationwide, or are professional claimants.
Some features unique to ClaimSearch include:
1. ClaimSearch is the only contributory comprehensive all -claim and all -insurer database and
system for claims processing and fraud detection;
2. Only insurance carriers, self -insureds, risk pools, TPAs, etc., are eligible for membership;
3. ClaimSearch is a proprietary solution aimed at fraud detection, where clients submit claims
data, leading to a comprehensive "match report" showcasing a claimants' complete history
across casualty, property, and auto physical damage ("APD") claims
4. ClaimSearch is considered part of best practices in claims management and is crucial for
compliance with Florida's legislative requirements;
5. There are no direct competitors to ClaimSearch; and
6. According to Verisk, 95% to 98% of the insurance industry subscribes to ClaimSearch with
over 1.8 billion claim records in the ClaimSearch database.
Accordingly, pursuant to Sections 18-92 (a) (3) of the Code of the City of Miami, it is
recommended that the requirements for competitive bidding be waived, and the above mentioned
findings be approved; that ISO, a wholly owned subsidiary of Verisk, a non -local vendor located
at 545 Washington Blvd., Jersey City, NJ 07310, is the sole manufacturer & distributor of
ClaimSearch, and approving the Agreement with Verisk for the purchase of a ClaimSearch
subscription for Risk, in the amount of One Hundred Six Thousand Fourteen and 00/100 Dollars
($106,014.00), allocating funds from the various sources of funds of Risk, subject to the
availability of funds and budgetary approval at the time of need, is in the City's best interest.
cSigned by:
APPROVEDBY: A68C256F2C6A478_
James Reyes
City Manager
DATE: April 30, 2026 1 15:54:26 EDT