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August 16, 2022

Verisk extends partnership with NICB to fight insurance fraud

Data analytics provider Verisk has renewed its partnership with the National Insurance Crime Bureau (NICB) to fight organised insurance fraud.

The tie-up, which builds on the organisations’ existing partnership since 1998, provides access to tools and data to protect insurers and policyholders from fraud.

Clients can access NICB services via Verisk’s ClaimSearch solution. They can also refer suspicious claims to the NICB and receive automated questionable claim alerts.

NICB president and CEO David Glawe said: “Maintaining strategic relationships like this reinforces our commitment to delivering the highest-quality service and cutting-edge technology to our members.”

“Crime is a business, and our use of data, technology and proven investigative techniques allows us to be proactive, rather than reactive, in the fight against insurance crime.”

Verisk president of claims solutions Maroun Mourad said: “By providing data processing, hosting and a powerful, highly secured data fusion environment, Verisk helps the NICB perform analytics that fuel its fight against organized fraud and help the efforts of insurers and law enforcement as they can receive critical alerts from the NICB.

“This relationship also strengthens our shared resolve in connecting the anti-fraud community for the greater good.”

Earlier this year, AXA’s reinsurance intermediary, AXA Life & Health Reinsurance Solutions partnered with Verisk to enhance its underwriting capabilities.

In September 2021, Verisk’s arm Sequel signed a deal to buy Ignite Software Systems, which provides a platform for policy administration, rating engine and digital engagement services.

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