Limra, Verisk team up to improve fraud detection and prevention

The effort is designed to address the growing prevalence of account takeover fraud.

Limra, an insurance research and educational organization, is teaming with Verisk (VRSK), a risk analytics provider, to improve FraudShare, its solution to help financial firms combat fraud.

“As fraudulent attacks are becoming more sophisticated, we want to leverage greater technology and data insights to strengthen our FraudShare product and better serve our members as they address the growing prevalence of account takeover fraud in life insurance, annuity and retirement plan accounts,” said David Levenson, Limra’s president and CEO.

Launched in October 2019, FraudShare now serves 53 companies, representing 70% of the U.S. life insurance market, 60% of the U.S. annuity market, and 25% of the retirement services market, Limra said in a press release Tuesday.

Initially, Limra and Verisk said they will work on integrating Verisk’s FAST life insurance platform, providing joint clients real-time access to FraudShare and additional threat intelligence data. The partnership will offer all FraudShare users enhanced threat intelligence data, and expanded data analytics and automation capabilities. Through the partnership, FraudShare clients will be able to mitigate a wider range of fraud threats facing the insurance, retirement and record-keeping industries, Limra said.

[MORE: Trade associations raise concerns about SEC’s cybersecurity proposal]