Verisk and LIMRA Partner to Combat Fraud, Financial Crimes in Life Insurance, Annuity and Retirement Markets
Multi-year agreement will enhance fraud protection tools and explore new market opportunities
JERSEY CITY, N.J., and WINDSOR, CT., June 7, 2022 — Building on the unique strengths of the two organizations, LIMRA and Verisk are partnering to deliver greater capabilities to insurers and recordkeepers to help them combat fraud and financial criminal attacks on their customers.
FraudShare, LIMRA’s latest industry solution developed in conjunction with its members to address common industry challenges, helps leading financial services firms combat the growing prevalence of account takeover (ATO) fraud in life insurance, annuity and retirement plan accounts. Launched in October 2019, FraudShare now serves 53 companies, representing 70% of the U.S. life market, 60% of the U.S. annuity market and 25% of the retirement services market.