Insurance fraud costs U.S. consumers an estimated $308.6 bn every year, putting pressure on carriers to adopt more advanced detection systems.
Verisk has teamed up with Legentic to address this problem, launching two fraud-focused tools on its ClaimSearch® platform.
The new features allow insurers to track suspicious activity across digital marketplaces and recover stolen property after claims are paid. Users gain the ability to automate investigative workflows, monitor platforms around the clock, and improve claims processing with limited IT demands.
Legentic’s analytics technology, widely adopted by European insurers, will now scale across the U.S. market. The collaboration expands the reach of fraud prevention capabilities and speeds up asset recovery efforts for American carriers.
Jeff Ryan, chief product officer of Anti-Fraud Analytics at Verisk, noted that fraud and theft schemes continue to grow in complexity.
He said the ClaimSearch integration provides automated access to valuable, previously hard-to-find data points that can improve fraud detection, strengthen recovery efforts, and reduce operational strain.
Insurance fraud and theft continue to grow in sophistication, and we’re committed to equipping the industry with cutting-edge tools to help minimise financial exposure and operational strain.
Jeff Ryan, Verisk chief product officer, Anti-Fraud Analytics
“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,” Verisk chief product officer, Anti-Fraud Analytics Jeff Ryan.
Legentic CEO Ron Vermeulen described the U.S. rollout as a critical milestone. He pointed to the company’s track record in Europe and emphasized that the partnership will expand automation for insurers, improve risk management, and provide stronger protection for policyholders.
