How much is hard and soft fraud costing you?
Insurance fraud adds up to $308.6 billion per year, a cost borne in part by American consumers.1 Auto insurance premium leakage is estimated at $35.1 billion annually.2 And application fraud—as defined by Verisk's average RISK:check score—was 18% higher in 2023 compared with a 2019 baseline.3
Keep risk in check
Take on premium leakage and underwriting fraud with data-driven insights across the policy life cycle using our RISK:check® suite.
Fraud detection
Get ahead of hard and soft application fraud in real time with 75+ triggers at point of sale—plus renewal underwriting solutions.
Rating integrity
Get extensive data and analytics from an industry leader. Determine how to confront premium leakage yet balance retention and profitability with a 22:1 ROI.4
Customer experience
Outsource policyholder contact with skilled outreach and customized channels.
New anti-fraud innovations “bear” the truth in auto applications
Verisk has introduced Special Investigation Unit (SIU) Alerts to its application fraud detection solution. These exclusive alerts are sourced from Verisk’s ClaimSearch® database, which captures claims details for more than 95% of the property and casualty insurance markets.
New anti-fraud innovations “bear” the truth in auto applications
Features and capabilities
The RISK:check suite’s three tools help address fraud and uphold rating integrity across the policy life cycle. Our 75+ unique analytic triggers span identity, garaging address, unidentified drivers and vehicles, branded titles, business use of vehicles, and more. We analyze millions of policies to help recover billions in premium dollars.
Connect costs to claims
Identify top-tier risks and flag potential fraud with automated validation and scoring for application integrity. Help your underwriters assess and rate risk more precisely and reduce premium leakage.
Maintain rate integrity
Driver, vehicle, or address changes affect 40% of policies annually.5 Uncover potential premium leakage and optimize profitable retention with pursuit of the most impactful policies. Boost profitability with non-rate actions that don’t require a rate filing.
Refine policyholder outreach
Optimize and customize policyholder outreach to fix rating errors, recover premium, and boost the customer experience with outsourced professional communications. Get timely, validated renewal data, monthly reports on program results, and secure access to key information and policy changes.
Related resources
Evolving insurance buyers, rising digital expectations, and challenging competitive forces are transforming personal auto insurance.
Get ahead by exploring smart ways to innovate, build loyalty, and achieve profitable growth.
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New Anti-Fraud Innovations “Bear” the Truth in Auto Applications
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Innovation Strategies for Auto Insurance Underwriting
Do more with the Verisk ecosystem
Future-proof your business with a partner that puts you in the driver’s seat.
Modernized, data-forward quoting
Accelerate data-forward quoting and modernize buying journeys to keep more business in the pipeline and boost conversion rates.
Undisclosed driver identification
Confront the leading source of premium leakage by determining who is driving what vehicle.
Mileage verification
Leverage the strong link between mileage and claims to strengthen your underwriting and rating.
Public records insights
Upgrade your MVR solution with more than 2 billion court records and over 300 million crash records for a clearer picture of driver risk.
Simplified compliance
Gain efficiency and security by outsourcing compliance for DMVs, lienholders, loss payees, and updates that impact loan and coverage verification.
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1 The Impact of Insurance Fraud on the US Economy, The Coalition Against Insurance Fraud, 2022.
2 Ibid. Additional Verisk research can be found in the report: The Challenge of Auto Insurance Premium Leakage, 2017.
3 Verisk client analysis of 9.1 million applications, August 2023; first three quarters of 2023 vs. full-year 2019.
4 Verisk client experience; 22:1 return on investment over policy life cycle.
5 Verisk client experience.