(Image source: LIMRA.)
Verisk (Jersey City, N.J.) and LIMRA (Windsor, Conn.) announced that they have undertaken a partnership to deliver greater capabilities to insurers and recordkeepers to help them combat fraud and financial criminal attacks on their customers.
FraudShare, LIMRA’s latest industry solution developed in conjunction with its members to address common industry challenges, helps financial services firms combat the growing prevalence of account takeover (ATO) fraud in life insurance, annuity and retirement plan accounts, according to a joint announcement from the companies. Launched in October 2019, FraudShare now serves 53 companies, representing 70 percent of the U.S. life market, 60 percent of the U.S. annuity market and 25 percent of the retirement services market, the companies report.
The new partnership expands Verisk’s anti-fraud portfolio, which includes ClaimSearch, which the company characterizes as the world’s largest database of property/casualty claims, used by more than 90 percent of of the property/casualty industry, as well as for life insurance, long-term care and disability claims.
“For more than two years, the industry has relied on FraudShare to detect and combat account takeover fraud,” comments David Levenson, president and CEO, LIMRA and LOMA. “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.”
Early-Warning Fraud Detection System
“LIMRA offers a valuable early-warning fraud detection system for the financial services industry for life insurance, annuities and retirement markets,” says Maroun Mourad, president, life and growth markets, Verisk. “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.”
LIMRA and Verisk will focus initially on building more robust solutions while improving overall automation. This will include integration with Verisk’s FAST life insurance platform, providing joint clients real-time access to FraudShare and additional threat intelligence data, the companies say. The partnership will offer all FraudShare users enhanced threat intelligence data and expanded data analytics and automation capabilities. Through this partnership, LIMRA and Verisk say they will enable FraudShare clients to mitigate a wider range of fraud threats facing the insurance, retirement and recordkeeping industries.
To support life insurers across the policy life cycle, Verisk reports that it has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to help transform current workflows in life insurance underwriting, life and pension analytics, claim insights, unclaimed property/equity, compliance and fraud detection and actuarial and portfolio modeling.