Verisk has announced Verisk Fraud Discovery, a fraud prevention platform that unifies fraud intelligence, advanced analytics, network analysis, digital media forensics, and case management into a single, scalable solution.
The launch comes at a time when insurance fraud is evolving rapidly, with economic pressures driving more opportunistic fraud and organised fraud networks increasingly exploiting technology and data gaps to evade detection. In 2024, UK insurers detected £1.16bn in fraudulent claims across 98,400 cases, while industry estimates suggest a similar amount may go undetected. As fraud networks become more sophisticated, insurers are seeking connected intelligence, investigation, and case management capabilities that help reveal patterns and relationships that might otherwise remain hidden.
James Burge, global head of fraud at Hiscox, said insurers needed better ways to connect intelligence.
“The insurance industry is facing increasingly complex fraud risks that often span multiple parties, claims and points in the insurance journey,” said Burge. “As fraud becomes more organised and interconnected, insurers need better ways to connect intelligence across underwriting, claims and investigations. Verisk’s approach helps create greater visibility into potential fraud networks and further strengthens our evolving fraud prevention capabilities.”
The platform combines fraud intelligence, analytics, network analysis, digital media forensics, and investigation workflows to help organisations uncover hidden relationships across people, organisations, policies, and claims, and detect opportunistic, organised, and coordinated fraud activity. It also analyses images and documents for signs of manipulation, alteration, and deepfakes, prioritises investigations using risk insights and intelligence-led decisioning, and streamlines investigations and case management through a single workflow. The aim is to improve fraud visibility and collaboration across underwriting, claims, and fraud teams, and to transform data into actionable intelligence.
Designed as a modular platform, organisations can adopt capabilities based on their fraud maturity and operational requirements, from early-stage fraud detection to advanced investigative workflows. This flexibility enables insurers to strengthen fraud prevention efforts while creating a foundation for more connected investigative operations over time.
Hiscox, Allianz, and law firm Weightmans are among the organisations adopting Verisk Fraud Discovery at launch, reflecting demand for more connected approaches to fraud investigation, intelligence sharing, and case management.
Mike Brown, head of fraud at Weightmans, said the collaboration marked a major step forward.
“Fraud continues to undermine both the UK and global economy. Our collaboration with Verisk represents a major step forward in equipping us and our clients with advanced technology to better identify and respond to fraud,” said Brown.
For decades, Verisk has helped insurers combat fraud through trusted industry data, advanced analytics, and investigation technologies. Its anti-fraud solutions help organisations identify suspicious activity, uncover connections between people, claims, and businesses, and focus investigative resources where they can have the greatest impact. Today, Verisk supports fraud detection and investigations across the insurance ecosystem and continues to develop connected intelligence solutions that help insurers respond to increasingly complex and organised fraud activity.
