Verisk Unveils New ClaimSearch Tools to Detect Digital Commerce and Locate Assets in Insurance Investigations

Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, announced a strategic alliance with Legentic, a fraud and financial crime detection and prevention company, to launch two advanced fraud detection and asset location tools into its ClaimSearch^® platform. Now available for the first time in the U.S., Digital Commerce Detector can help insurers automate the identification of suspicious activity on online marketplaces tied to stolen or total loss assets. Additionally, Digital Asset Finder helps streamline insurers’ location and recovery efforts of legitimately stolen vehicles and property post claim-payout. With insurance fraud in the U.S. now costing consumers $308.6 billion annually, according to the Coalition Against Insurance Fraud, and as property and casualty (P/C) theft schemes evolve, insurers face mounting pressure to detect fraud activity earlier and recover assets more efficiently. Traditional manual investigation and asset location methods are often too slow, resource-intensive and costly, placing a heavy burden on IT, claims and investigative teams. ClaimSearch, the world’s leading claims intelligence network and fraud detection platform, now offers access to Digital Commerce Detector and Digital Asset Finder, enabling insurers to:

• Detect fraud early by identifying vehicles and high-value property that are reported stolen but found listed for sale online prior to and throughout the claim — a strong indicator of staged theft or misrepresentation, via Digital Commerce Detector.
• Recover legitimately stolen assets after claims have been paid, helping carriers recoup losses and support subrogation efforts through Digital Asset Finder.
• Automate investigative workflows and strengthen recovery efforts by continuously monitoring digital marketplaces and open-source platforms prior to, throughout and after the claim lifecycle, with no IT configuration required.
• Improve claim outcomes and reduce financial impact by eliminating time-consuming manual processes, boosting efficiency and supporting better loss ratios.

“Insurance fraud and theft continue to grow in sophistication, and we’re committed to equipping the industry with cutting-edge tools to help minimize financial exposure and operational strain,” said Jeff Ryan, chief product officer, Anti-Fraud Analytics at Verisk. “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.” Already in use by several major insurers across Europe, Legentic’s technology will now scale across the U.S. for the first time via ClaimSearch. Ron Vermeulen, CEO of Legentic, 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." For more information on Digital Commerce Detector and Digital Asset Finder, please visit Verisk’s Anti-Fraud Analytics solutions hub.