Global data analytics provider, Verisk has announced that it is partnering with LIMRA to deliver greater capabilities to insurers and recordkeepers, to help them combat fraud and financial criminal attacks on their customers.
The partnership will expand Verisk’s extensive anti-fraud portfolio, which includes ClaimSearch, the world’s largest database of property and casualty (P&C) claims, used by more than 90% of the P&C industry, as well as for life insurance, long-term care and disability claims.
Moreover, FraudShare – LIMRA’s latest industry solution developed in conjunction with its members to address industry challenges, helps leading financial services firms combat the growing prevalence of account takeover (ATO) fraud in life insurance, annuity, and retirement plan accounts.
Having launched in October 2019, FraudShare serves 53 companies, representing 70% of the US life market, as well as 60% of the US annuity market, and also 25% of the retirement services market.
Initially, both LIMRA and Verisk will focus on building more robust solutions while improving overall automation, which will include integration with Verisk’s FAST life insurance platform, providing joint clients real-time access to FraudShare and additional threat intelligence data.
At the same time, the partnership will also offer all FraudShare users enhanced threat intelligence data and expanded data analytics and automation capabilities.
In addition, through the partnership LIMRA and Verisk will enable FraudShare clients to mitigate a wider range of fraud threats facing the insurance, retirement and recordkeeping industries.
David Levenson, president and CEO, LIMRA and LOMA, commented: “For more than two years, the industry has relied on FraudShare to detect and combat account takeover fraud. Now, as fraudulent attacks are becoming more sophisticated, we want to leverage greater technology and data insights to strengthen our product and better serve our members.
“By combining Verisk’s unique data assets, advanced technology and deep domain expertise with LIMRA’s anti-fraud services, we are able to provide life insurers with market-leading fraud solutions at competitive price points.”
Maroun Mourad, president of life and growth markets at Verisk, added: “LIMRA offers a valuable early-warning fraud detection system for the financial services industry for life insurance, annuities and retirement markets.
“Working together, we can provide a well-rounded suite of anti-fraud and financial crime solutions for a broader scope of financial products with real-time access capabilities.”
