CCC Intelligent Solutions (CCC) has partnered with global analytics provider Verisk to leverage the two providers’ market-leading technologies to prevent auto insurance fraud.
CCC is a cloud platform for the P&C insurance economy and Verisk is a global data analytics and technology provider.
The first project announced through the partnership is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. This integration will help P&C insurers fight the rising threat of auto insurance fraud.
When fully integrated, insurers will be able to quickly and easily identify potential fraud in real-time within existing CCC-powered workflows.
The Coalition Against Insurance Fraud estimated the cost of insurance fraud in America at more than $308bn per year. According to the FBI, fraud costs the average family between $400 and $700 a year in premiums. With the increasing adoption of technology and the emergence of new capabilities like generative AI, CCC said the threat of fraud is expected to increase.
Marc Fredman, chief strategy officer at CCC, said, “Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers. Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”
Shane Riedman, general manager of anti-fraud solutions at Verisk, added, “With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims.”
This partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.
Earlier this year, Verisk launched a Rating-as-a-Service (RaaS) solution to help insurers develop new commercial lines products.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
