Verisk Integrates Legentic Fraud Detection into ClaimSearch

Enhancing Fraud Detection with Advanced Tools

Verisk has taken a significant step in strengthening its fraud detection capabilities by partnering with Legentic. This collaboration has led to the integration of two powerful tools into Verisk’s ClaimSearch platform, a comprehensive claims intelligence network and fraud detection system. These additions are expected to improve claim outcomes, reduce financial losses, and positively impact loss ratios for insurers across the United States.

One of the newly integrated tools is the Digital Commerce Detector. This innovative solution allows insurers to automate the identification of suspicious activities on online marketplaces that may be linked to stolen or total loss assets. By leveraging this tool, insurers can detect early signs of fraud, such as the listing of stolen vehicles or high-value property for sale online. This proactive approach helps prevent fraudulent transactions before they escalate.

The second tool, Digital Asset Finder, is designed to assist in locating and reclaiming legitimately stolen vehicles and property after a claim has been settled. This tool plays a crucial role in helping insurers recoup losses and streamline subrogation efforts. By identifying and recovering stolen assets, insurers can significantly reduce their financial exposure and improve overall claim efficiency.

In addition to these tools, the integration also automates investigative workflows and enhances recovery operations. The tools monitor digital marketplaces and open-source platforms to identify potential fraud and track stolen assets. This level of automation not only saves time but also increases the accuracy of fraud detection efforts.

Jeff Ryan, Chief Product Officer at Verisk Anti-Fraud Analytics, emphasized the value of this partnership. He stated, “Through seamless integration with ClaimSearch, this launch delivers automated access to previously hard-to-find, critical data points. These insights help empower insurers to identify fraud earlier, recover assets faster and drive more efficient claim outcomes.”

Legentic’s technology has already gained traction among insurers in Europe, where it has demonstrated its effectiveness in combating insurance fraud and theft. With this new partnership, the company is now expanding its reach to the U.S. market through the ClaimSearch platform. Ron Vermeulen, CEO of Legentic, expressed his excitement about the collaboration. He said, "We are thrilled to partner with Verisk, especially given the surge in complex insurance fraud and theft cases we’ve seen in the U.S. Our proven success in Europe has demonstrated the power of advanced analytics in combating these challenges. This collaboration marks a significant step forward in expanding our automation capabilities to help U.S. insurers manage risk, enhance operational efficiency and protect policyholders."

Expanding Capabilities Through Strategic Acquisitions

This partnership with Legentic is part of a broader strategy by Verisk to expand its offerings and strengthen its position in the insurance industry. Recently, Verisk announced its agreement to acquire AccuLynx, a software-as-a-service platform that provides business management solutions for contractors in the residential roofing sector, for $2.35 billion in cash. This acquisition highlights Verisk’s commitment to offering comprehensive solutions that support various segments of the insurance and construction industries.

By integrating Legentic’s fraud detection tools into ClaimSearch, Verisk is not only enhancing its own platform but also providing valuable resources to insurers looking to combat fraud and improve their operational efficiency. The combination of advanced analytics, automation, and real-time data monitoring ensures that insurers can respond quickly to emerging threats and make informed decisions.

As the insurance landscape continues to evolve, the need for innovative solutions becomes increasingly important. Verisk’s strategic partnerships and acquisitions demonstrate a forward-thinking approach that prioritizes the development of tools and services that meet the growing demands of the industry. With the integration of Legentic’s technologies, Verisk is well-positioned to lead the way in fraud detection and asset recovery, ultimately benefiting both insurers and policyholders.