Verisk has partnered with Legentic to incorporate two fraud detection tools into its ClaimSearch platform in the US.
The integration of these tools into ClaimSearch, a claims intelligence network and fraud detection platform, is anticipated to enhance claim outcomes, lower financial impact, positively impacting loss ratios.
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One of the newly added tools, Digital Commerce Detector, allows insurers to automate the identification of suspicious activities on online marketplaces that may be connected to stolen or total loss assets.
It enables insurers to identify early signs of fraud by spotting stolen vehicles and “high-value property” listed for sale online.
The other tool, Digital Asset Finder, assists in locating and reclaiming legitimately stolen vehicles and property after a claim has been settled.
The tool is designed to aid in the recoupment of losses and the facilitation of subrogation efforts.
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By GlobalDataThe new tools also automate investigative workflows and enhance recovery operations by monitoring digital marketplaces and open-source platforms.
Verisk Anti-Fraud Analytics chief product officer Jeff Ryan said: “Through seamless integration with ClaimSearch, this launch delivers automated access to previously hard-to-find, critical data points. These insights help empower insurers to identify fraud earlier, recover assets faster and drive more efficient claim outcomes.”
Legentic’s technology has already been adopted by several insurers in Europe and is now set to expand across the US market through ClaimSearch.
Legentic CEO Ron Vermeulen said: “We are thrilled to partner with Verisk, especially given the surge in complex insurance fraud and theft cases we’ve seen in the U.S. Our proven success in Europe has demonstrated the power of advanced analytics in combating these challenges.
“This collaboration marks a significant step forward in expanding our automation capabilities to help U.S. insurers manage risk, enhance operational efficiency and protect policyholders.”
Last month, Verisk agreed to acquire AccuLynx, a software-as-a-service platform that offers business management solutions for contractors in the residential roofing sector, for $2.35bn in cash.
