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CCC Intelligent Solutions Inc. (Chicago) and Verisk Analytics (Jersey City, N.J.) have announced a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to property/casualty insurance claims. CCC is a cloud platform for the P&C insurance economy and Verisk is a leading global data analytics and technology provider.
Marc Fredman, Chief Strategy Officer, CCC.
The first project announced through the partnership is a planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. This integration will help P&C insurers fight the rising threat of fraud in auto physical damage (APD) claims, according to a joint announcement from the companies. When fully integrated, the vendor say insurers will be able to quickly and easily identify potential fraud in real-time within existing CCC-powered workflows.
“Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers,” comments Marc Fredman, chief strategy officer, CCC. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”
The Coalition Against Insurance Fraud estimated the cost of insurance fraud in America at more than $308 billion per year. According to the FBI, fraud costs the average family between $400 and $700 a year in premiums. With the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase.
Powerful Tech to Accelerate Resolution of Meritorious Claims
Shane Riedman, General Manager, Anti-Fraud Solutions, Verisk.
“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” comments Shane Riedman, general manager, anti-fraud solutions, Verisk. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”
This partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.
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