JERSEY CITY, NJ, and WINDSOR, CT., June 07, 2022 (GLOBE NEWSWIRE) — Building on the unique strengths of both organizations, LIMRA and Verisk are partnering to provide enhanced capabilities for insurers and archivists to help fight fraud and financial criminal attacks against 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 2019, FraudShare now serves 53 companies, representing 70% of the US life insurance market, 60% of the US annuity market and 25% of the retirement services market.
This partnership expands Verisk’s extensive anti-fraud portfolio, which includes ClaimSearch®, the world’s largest property and casualty claims database, used by more than 90% of the property and 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. Today, as fraudulent attacks become more sophisticated, we want to leverage of greater 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 , state-of-the-art technology and deep domain expertise with LIMRA’s anti-fraud services, we are able to provide life insurers with state-of-the-art 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 Mourad, President 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, giving joint customers real-time access to FraudShare and additional threat intelligence 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 facing the insurance, retirement and recordkeeping industries.
To support life insurers throughout the policy lifecycle, 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 and actuarial and portfolio modelling.
To learn more about FraudShare, visit https://www.limra.com/en/solutions-and-services/regulatory-and-compliance/fraudshare/
To learn more about Verisk life insurance solutions, visit www.verisk.com/life.
Verisk (VRSK) provides data-driven insights and analytical solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk enables customers to enhance operational efficiency, improve underwriting and claims results, fight fraud and make informed decisions on global issues, including climate change and extreme events, as well as ESG policies and topics. With offices in more than 30 countries, Verisk regularly achieves certification by Great place to work and promotes a inclusive culture where all team members feel like they belong. To learn more, visit Verisk.com and the Verisk Newsroom.
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections and solutions to help more than 700 member organizations face change with confidence. Visit LIMRA at www.limra.com.