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 offerings, Digital Commerce Detector and Digital Asset Finder, tackle the escalating problem of insurance fraud in the U.S., which costs consumers $308.6bn each year, according to the Coalition Against Insurance Fraud.
As property and casualty theft schemes become increasingly sophisticated, insurers face pressure to identify fraud quickly and recover stolen assets efficiently. Traditional investigation methods are often slow, labour-intensive, and costly, straining IT, claims, and investigative teams.
Digital Commerce Detector automates the identification of suspicious activity on online marketplaces, flagging items linked to stolen or total loss assets.
Digital Asset Finder helps insurers locate and recover legitimately stolen vehicles and property post claim-payout, supporting subrogation efforts and reducing financial losses.
Both tools integrate seamlessly with ClaimSearch, enabling continuous monitoring, automated investigative workflows, and improved claim outcomes without requiring complex IT configuration.
Legentic’s technology, already deployed by major insurers in Europe, will now scale in the U.S. through ClaimSearch.
This integration allows insurers to access previously difficult-to-find data points, detect staged theft or misrepresentation earlier, and streamline asset recovery.
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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