Earlier this month, CCC Intelligent Solutions Inc. and Verisk Analytics Inc. announced a strategic alliance leveraging their technologies to enhance claims analytics.

Their first project is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection technology with CCC’s claims cloud platform.

The integration will assist P&C insurers in their fight against the rising threat of fraud in auto physical damage (APD) claims. Once fully integrated, insurers will be able to identify potential fraud in real time within existing CCC-powered workflows.

“Working with Verisk, we can leverage the strengths of both companies to create new opportunities for our shared customers,” said Marc Fredman, chief strategy officer at CCC. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”

With the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase.

“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” said Shane Riedman, general manager of anti-fraud solutions at Verisk. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”

The new partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.