Jersey City-based Verisk, a data analytics and technology provider, on Monday announced two new collaborations with insurance technology companies designed to strengthen the insurance industry in fighting fraud.
FRISS and Globlue Technologies will join the Verisk Claims Solutions ecosystem by integrating with Verisk’s ClaimSearch platform — this includes a property and casualty claims database containing over 1.7 billion claims throughout the U.S.
The integration will facilitate advanced fraud analysis and detection, including more complex scoring and triaging to improve decision-making. Additionally, it eliminates the manual fraud detection process, saving valuable time and reducing operational costs for end-users.
Verisk’s ClaimSearch platform plays a crucial role in combating the estimated $309 billion annual toll insurance fraud imposes on American businesses and consumers by providing P&C carriers with access to claims data, advanced fraud detection and investigative analysis tools. The platform connects more than 200,000 professionals from carriers, regulatory agencies, law enforcement and claim service providers.
“Verisk is uniquely positioned to serve the insurance industry by providing the platform to support the P&C claims ecosystem. By integrating with FRISS and Globlue Technologies, we’re not just expanding the ecosystem — we’re also setting new benchmarks in the fight against fraud,” Shane Riedman, vice president and general manager of anti-fraud analytics at Verisk, said. “ClaimSearch serves as the foundation for insurance fraud detection and prevention. This collaboration equips our clients and partners with unparalleled insights and tools, expanding the industry’s ability to stop fraudulent claims.”
The ClaimSearch partnership enables insurance technology providers to integrate with the ClaimSearch platform, allowing insurers to select the technology that best fits their individual business needs.
“We are thrilled to participate in this ecosystem partnership with Verisk,” Jeroen Morrenhof, co-founder and CEO of FRISS, said. “FRISS is excited to partner with Verisk’s ClaimSearch platform to inject invaluable data and insights within the FRISS Score. This will enable mutual Verisk and FRISS customers to detect fraud with much higher accuracy and predictability. We are eager to collaborate on this transformative journey with Verisk to bring more efficiency and impact to the anti-fraud community.”
