Verisk Expands Fraud-Fighting Capabilities for the Insurance Ecosystem with Two New Strategic Partnerships

JERSEY CITY, N.J., March 04, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics and technology provider, today announced two new collaborations with insurance technology companies designed to bolster fraud detection and analysis in the insurance claims process. FRISS and Globlue Technologies will join the Verisk Claims Solutions ecosystem by integrating with Verisk's ClaimSearch^® platform, which includes the world's largest property and casualty (P&C) claims database containing over 1.7 billion claims from throughout the U.S.

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,” said Shane Riedman, vice president and general manager of anti-fraud analytics at Verisk. “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.”

Strengthening the P&C Anti-Fraud Ecosystem

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.

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.

“We are thrilled to participate in this ecosystem partnership with Verisk,” says Jeroen Morrenhof, CEO and co-founder of FRISS. “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.”

“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,” said Adrian Silva, president and CEO at Globlue Technologies.

About Verisk
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.

About FRISS
What would your processes look like if you could instantly trust your customers? Knowing when to trust keeps you in control of your processes – automating as much as possible. FRISS is the leading provider of Trust Automation Solutions for P&C insurers. Its real-time, data-driven scores and insights give instant confidence and understanding of the inherent risks of all customers and interactions.

Based on next generation technology, FRISS allows you to confidently manage trust throughout the insurance value chain – from the first quote all the way through claims and investigations when needed.

Because speed and convenience have altogether redefined what it means to serve consumers, it is time to start building the relationships your customers demand and deserve.

For more information, please reach out to: FRISS

About Globlue
Globlue Technologies is a global provider of advanced analytics for use in insurance fraud investigations, commercial fraud investigations, counter-financial crimes, law enforcement, anti-money laundering, intelligence & counter-intelligence operations, and security & cyber intelligence.

To learn more, visit us at www.globlue.com.

Mary Keller
Verisk
339-832-7048
[email protected]

Source: Verisk Analytics, Inc.