Analytics and data provider Verisk has unveiled a fraud prevention platform that aims to help insurers benefit from unified fraud intelligence, analytics and case management.

Called Fraud Discovery, 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, according to the ABI, which estimates a similar amount may go undetected.

The tool combines fraud intelligence, analytics, network analysis, digital media forensics and investigation workflows to help firms uncover hidden relationships across people, organisations, policies and claims. It can also help detect opportunistic, organised and coordinated fraud activity and analyse images and documents for signs of manipulation, alteration and deepfakes.

Hiscox, Allianz and law firm Weightmans are among the organisations adopting the platform at launch. Mike Brown, head of fraud at Weightmans, said: “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.”

James Burge, global head of fraud at Hiscox, added: “The insurance industry is facing increasingly complex fraud risks that often span multiple parties, claims and points in the insurance journey. 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.”

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