FraudShare, LIMRA's most recent industry solution developed in collaboration with its members to address common industry challenges, assists leading financial services firms in combating the increasing prevalence of account takeover (ATO) fraud in life insurance, annuity, and retirement plan accounts. FraudShare, which launched in October 2019, now serves 53 companies, accounting for 70% of the US life market, 60% of the US annuity market, and 25% of the US retirement services market.
Verisk's extensive anti-fraud portfolio includes ClaimSearch®, the world's largest database of property/casualty claims, which is used by more than 90% of the property/casualty industry, as well as for life insurance, long-term care, and disability claims.
"The industry has relied on FraudShare for more than two years to detect and combat account takeover fraud." As fraudulent attacks become more sophisticated, we want to use more technology and data insights to strengthen our product and better serve our members," said David Levenson, president and CEO of LIMRA and LOMA. "We are able to provide market-leading fraud solutions to life insurers at competitive price points by combining Verisk's unique data assets, advanced technology, and deep domain expertise with LIMRA's anti-fraud services."
"LIMRA provides a valuable early-warning fraud detection system for the financial services industry in the life insurance, annuity, and retirement markets," said Maroun Mourad, Verisk's president of life and growth markets. "By collaborating, we can offer a comprehensive suite of anti-fraud and financial crime solutions for a broader range of financial products with real-time access capabilities."
LIMRA and Verisk will initially focus on developing more robust solutions while improving overall automation. Integration with Verisk's FAST life insurance platform will be included, giving joint clients real-time access to FraudShare and additional threat intelligence data. The collaboration will provide all FraudShare users with enhanced threat intelligence data as well as expanded data analytics and automation capabilities. LIMRA and Verisk's collaboration will enable FraudShare clients to mitigate a broader range of fraud threats in the insurance, retirement, and recordkeeping industries.
Verisk has created a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources to assist life insurers throughout the policy life cycle. The solutions are intended to assist in the transformation of existing workflows in life insurance underwriting, life and pension analytics, claim insights, unclaimed property/equity, compliance and fraud detection, and actuarial and portfolio modeling.
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