JERSEY CITY, N.J. - Verisk (NASDAQ:VRSK), a leading data analytics provider, has announced collaborations with FRISS and Globlue Technologies to enhance insurance fraud detection. The partnerships aim to integrate these tech companies' capabilities with Verisk's ClaimSearch platform, which houses over 1.7 billion P&C claims.
The integration is expected to advance fraud analysis by incorporating more sophisticated scoring and triaging methods, thereby improving insurers' decision-making processes.
The ClaimSearch platform connects professionals from various sectors, including carriers, regulatory agencies, and law enforcement, to combat the estimated $309 billion annual cost of insurance fraud to American businesses and consumers.
Shane Riedman, Verisk's vice president and general manager of anti-fraud analytics, emphasized the importance of the collaboration, stating that it sets new benchmarks in fraud prevention and equips clients with powerful insights and tools.
FRISS and Globlue Technologies expressed enthusiasm for the partnership. Jeroen Morrenhof, CEO of FRISS, highlighted the potential for increased fraud detection accuracy and predictability. Similarly, Adrian Silva, president of Globlue Technologies, noted the benefit of enhanced identity resolution and analytics capabilities for mutual customers.
The integration will also aim to eliminate manual fraud detection processes, which could lead to time and cost savings for insurers. By offering a more efficient anti-fraud ecosystem, Verisk continues to support the insurance industry's efforts to mitigate fraudulent activities.
The information for this article is based on a press release statement.
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