Verisk, a global data analytics and technology provider, has partnered with fraud prevention specialist Legentic to introduce two advanced tools on its ClaimSearch® platform in the U.S.
The launch comes as insurance fraud in the U.S. continues to surge, costing consumers $308.6bn annually, according to FF News.
Property and casualty (P/C) theft schemes are becoming increasingly sophisticated, prompting insurers to adopt more automated and efficient solutions to detect fraudulent activity and recover stolen assets.
Traditional manual investigation methods are often too slow, costly and resource-intensive, placing significant strain on IT, claims and investigative teams.
Verisk’s ClaimSearch platform is the world’s leading claims intelligence network, widely used for fraud detection and investigative support.
The newly launched products aim to enhance insurers’ ability to detect fraud and recover assets. Digital Commerce Detector automates the identification of suspicious activity on online marketplaces, particularly items linked to stolen or total loss assets.
Digital Asset Finder streamlines the location and recovery of legitimately stolen vehicles and property after claims have been paid, supporting insurers’ subrogation efforts.
Both tools integrate seamlessly with ClaimSearch, allowing insurers to automate investigative workflows, monitor digital marketplaces and open-source platforms continuously, and improve claim outcomes with minimal IT configuration.
This reduces reliance on time-consuming manual processes, boosts operational efficiency and strengthens loss ratio management.
Legentic’s technology, already adopted by major insurers across Europe, will now scale in the U.S. through the ClaimSearch platform, offering insurers access to previously hard-to-find, critical data points.
Verisk chief product officer, Anti-Fraud Analytics Jeff Ryan said, “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. 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 CEO Ron Vermeulen added, “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.”
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