Data analytics provider Verisk has entered alliances with insurtech companies FRISS and Globlue Technologies to enhance fraud detection capabilities within the insurance sector.
As part of the tie-ups, both FRISS and Globlue Technologies will integrate with Verisk’s ClaimSearch platform.
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ClaimSearch is a property and casualty (P&C) claims database in the US, with more than 1.7 billion claims.
It offers P&C carriers access to claims data and advanced fraud detection investigative analysis tools.
The Coalition Against Insurance Fraud estimates that fraud costs businesses and consumers around $308.6bn annually.
The ClaimSearch Partnership is designed to allow insurance technology providers to integrate with the ClaimSearch platform.
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By GlobalDataWith the integration, insurers can choose the technology solutions that best meet their specific business requirements.
It supports advanced fraud analysis and detection by providing more sophisticated scoring and triaging methods that aid in more informed decision-making.
The integration is also said to streamline the fraud detection process, saving time and lowering operational costs by eliminating manual efforts.
Verisk vice-president and general manager of anti-fraud analytics Shane Riedman said: “By integrating with FRISS and Globlue Technologies, we are not just expanding the ecosystem – we are also setting new benchmarks in the fight against fraud.
“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.”
FRISS CEO and co-founder Jeroen Morrenhof said: “This will enable mutual Verisk and FRISS customers to detect fraud with much higher accuracy and predictability.”
Globlue Technologies president and CEO Adrian Silva added: “Through this integration, mutual customers will leverage ARKHOS Analytics’ enhanced identity resolution, which provides advanced intelligence and analytics capabilities.
“This brings carriers’ investigative data, third-party data and Verisk data together in a single dashboard, allowing analysts to perform advanced analysis in real time, accelerating the data-to-decision process, as it relates to fraud detection.”
Last month, Verisk, alongside BGF, made an undisclosed investment in cyber risk management solutions provider KYND.
In November 2023, Verisk launched a solution aimed at helping insurers evaluate their underwriting models for potential unfair pricing discrimination against protected classes.
