WINDSOR, Conn., June 9 — LIMRA issued the following press release on June 7, 2022:
Building on the unique strengths of both organizations, LIMRA and Verisk today announce a partnership that will provide greater capabilities to insurers and registrars to help them fight 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 leading financial services companies combat the growing prevalence of account takeover (ATO) fraud in life insurance, annuity and pension plan accounts. Launched in October 2019FraudShare now serves 53 companies, representing 70% of the WE life insurance market, 60% of the WE annuity market and 25% of the pension services market.
“For more than two years, the industry has relied on FraudShare to detect and combat account takeover fraud. Today, as fraudulent attacks become more sophisticated, we want to take advantage of a more great technology and data insights to strengthen our product and better serve our members,” said David Levenson, President and CEO, LIMRA and LOMA. “By combining Verisk’s unique data assets, cutting-edge technology and deep domain expertise with LIMRA’s anti-fraud services, we are able to provide insurers with market-leading anti-fraud solutions at competitive prices. »
“LIMRA offers a valuable early fraud detection system for the financial services industry for the life insurance, annuity and retirement markets,” said Maroun MouradPresident of Life and Growth Markets at Verisk. “Working together, we can provide a comprehensive suite of anti-fraud and financial crime solutions for a wider range of financial products with real-time access capabilities.”
Initially, LIMRA and Verisk will focus on creating more robust solutions while improving overall automation. This will include integration with Verisk’s FAST life insurance platform, providing joint customers with real-time access to FraudShare and additional threat data. The partnership will provide all FraudShare users with enhanced threat intelligence data and expanded data analytics and automation capabilities. Through this partnership, LIMRA and Verisk will enable FraudShare clients to mitigate a wider range of fraud threats faced by the insurance, retirement and recordkeeping industries.
This partnership extends Verisk’s extensive anti-fraud portfolio, which includes ClaimSearch(R), the world’s largest P&C claims database, used by over 90% of the P&C industry, as well as for life insurance, healthcare long-term and disability.
Support life insurers throughout the life cycle of contracts, Verisk 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 retirement analytics, claims information, unclaimed property/equity, compliance and fraud detection, as well as actuarial and portfolio modelling.
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Original text here: https://www.limra.com/en/newsroom/news-releases/2022/i-limra-and-verisk-partner-to-broaden-offerings-to-combat-fraud-financial-crimes-in-life- annuity-and-retirement-insurance-markets/