Verisk and LIMRA Partner to Combat Fraud, Financial Crimes in Life Insurance, Annuity and Retirement Markets
June 07 2022 - 9:00AM
Building on the unique strengths of the two organizations, LIMRA
and Verisk are partnering 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 leading financial services firms combat the growing
prevalence of account takeover (ATO) fraud in life insurance,
annuity and retirement plan accounts. Launched in October 2019,
FraudShare now serves 53 companies, representing 70% of the U.S.
life market, 60% of the U.S. 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
database of property/casualty claims, used by more than 90% 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. 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,” said David Levenson, president and CEO,
LIMRA and LOMA. “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.”
“LIMRA offers a valuable early-warning fraud detection system
for the financial services industry for life insurance, annuities
and retirement markets,” said Maroun Mourad, president of life and
growth markets at 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.”
Initially, LIMRA and Verisk will focus 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 partnership will offer all FraudShare users
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 across the policy life cycle, 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 pension
analytics, claim insights, unclaimed property/equity, compliance
and fraud detection and actuarial and portfolio modeling.
To learn more about FraudShare, visit
https://www.limra.com/en/solutions-and-services/regulatory-and-compliance/fraudshare/
To learn more about Verisk’s life insurance solutions, visit
www.verisk.com/life.
About VeriskVerisk (Nasdaq: VRSK) provides data-driven
analytic insights and solutions for the insurance and energy
industries. Through advanced data analytics, software, scientific
research and deep industry knowledge, Verisk empowers customers to
strengthen operating efficiency, improve underwriting and claims
outcomes, combat fraud, and make informed decisions about global
issues including climate change and extreme events, as well as
political and ESG topics. With offices in more than 30 countries,
Verisk consistently earns certification by Great Place to Work
and fosters an inclusive culture where all team members feel they
belong. For more, visit Verisk.com and the Verisk Newsroom.
About LIMRA Serving the industry since 1916,
LIMRA offers industry knowledge, insights, connections, and
solutions to help more than 700 member organizations navigate
change with confidence. Visit LIMRA at www.limra.com.
Michelle Pantina
Verisk
551-500-7327
michelle.pantina@verisk.com
Catherine Theroux
LIMRA
860-285-7787
ctheroux@limra.com
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