Insurance and analytics provider Verisk, and CCC Intelligent Solutions Inc. (CCC) a leading cloud platform for the property & casualty (P&C) insurance economy, have announced a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C claims.
The first project that has been announced through the partnership is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform.
According to both firms, this integration will play a key role in helping P&C insurers fight the rising threat of fraud in auto physical damage (APD) claims.
Once it has been fully integrated, insurers will be able to quickly identify potential fraud in real-time within existing CCC-powered workflows.
Marc Fredman, chief strategy officer at CCC, commented on the partnership: “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.”
Moreover, data from the Coalition Against Insurance Fraud shows that the cost of insurance fraud in America is more than $308 billion per year.
According to the FBI, fraud costs the average family between $400 and $700 a year in premiums, therefore, with the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase within future years.
Shane Riedman, general manager of anti-fraud solutions at Verisk, said: “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.
“Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”
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