A New Era for Verisk's Anti-Fraud Solutions

In a move signaling a continuing evolution of Verisk's Anti-Fraud Analytics division, Shane Riedman has been appointed president. In his new role, Riedman will further solidify the business unit's focus on innovation, partnerships, and above all, client needs.

A client-centric transformation

Riedman describes himself as being obsessed with the client perspective. "It's core to my belief as a leader," he emphasizes. This isn't just rhetoric; it's a fundamental principle that's reshaping how Anti-Fraud Analytics operates under his guidance.

From utility to client focus

Historically, Insurance Services Office (ISO^®), the predecessor to Verisk Anti-Fraud Analytics, functioned much like a utility. "As a utility, the workers don't think much about the client using the utility. They just care about distribution and supply as the material flows across the lines," Riedman explains. "We've had to blow up that whole mentality. It's not about the utility, it's about the clients. And from top to bottom, we all play a part in focusing on them."

This shift in perspective is permeating every aspect of the organization, from product development to client interactions. Riedman encourages his team to consistently step into the client's shoes. "Everything is from a client's point of view," he states, "including how we manage ourselves and how we refer to ourselves."

To ensure that this client-centric vision is a living, breathing part of the organization, Riedman has implemented regular client interactions and robust feedback loops. He personally engages in several client interactions each week, with more than 90 unique engagements so far this year.

"My number one objective when I meet with a client is to listen," Riedman says. "I try to take those client interactions and reduce them down to themes that will help guide me in my decision making," he explains.

But it's not just about Riedman's personal interactions. "Our entire organization has a goal to ensure that client sentiment, regardless of its source, makes its way back to the product owners who can act on it." Along similar lines, product roadmaps are crafted with the client in mind.

By placing the client at the center of everything they do, the Anti-Fraud Analytics team is promising that its products can truly resonate with the needs and expectations of their users.

Changing client expectations

Technological advancements and evolving client expectations have driven major changes in claims handling in recent years.

"Twenty years ago, if you did a name search... one might expect that search to take 10 minutes," Riedman explains. "Today, with Facebook, I can search 300 million names in 10 seconds. That changes the expectation of the user."

While the fundamental steps of processing a claim-investigation, determining liability, and figuring out coverage-remain the same, clients (and their customers) now expect these steps to happen at lightning speed.

The evolving insurance workforce

Another significant evolution in claims handling is the changing nature of the workforce. Riedman highlights the challenges posed by high turnover rates and the influx of new, tech-native employees.

"We may have a product that's been used for 10 years, and its longtime users just love it. But then you have a brand-new adjuster, fresh out of college, and their expectations on how that software works is very different," Riedman notes.

This generational shift in the industry calls for a new approach to product design and user experience. As Riedman puts it, "Everything that we do and everything that we design has to be so intuitive and so simple that somebody should be able to step in and just start using the product without training."

Simplifying the user experience

In response to these changes, Riedman is spearheading efforts to simplify the user experience across all of his unit's products. This comprehensive overhaul helps ensure that offerings are accessible and valuable to both seasoned professionals and newcomers to the industry.

Expanding the ClaimSearch ecosystem

Perhaps one of the most significant changes during Riedman's tenure at Verisk has been opening up the ClaimSearch® ecosystem to third-party partnerships and providers. "I listened to clients, who said they wanted us to open ClaimSearch up in a safe, measured way, and be very thoughtful about it," he says. The result is the ClaimSearch Partner Program. While the program is in its nascent stages, Riedman envisions it soon becoming a thriving, collaborative marketplace, where clients and technology partners can experience seamless integrations, bypassing red tape and technological barriers.

The history of ClaimSearch

As Riedman explains, "ClaimSearch started as a series of industry-owned regional databases." Over time, these databases began to merge and aggregate. This consolidation brought immense value to the industry, but it also raised important considerations. "Eventually, due to inefficiencies and inconsistencies in data collection, it made more sense for ClaimSearch to be owned by a private company," Riedman notes. "Thus, the formation of ISO, and later, Verisk."

"I am now the trustee of this really, really important industry asset that I didn't create or invent," Riedman acknowledges. "I can't take credit for it, but I can care for it and nurture it and support it on behalf of our clients."

Client reception

The response to the ClaimSearch Partner Program has been overwhelmingly positive. Riedman reports that clients were enthusiastic. "They told us, 'This is what we've wanted for years.'"

The ClaimSearch Partner Program allows clients to use their preferred tools with the extensive ClaimSearch database, providing greater flexibility and potentially leading to substantial cost savings and improved operational effectiveness in claims handling.

For Riedman, it wasn't about profits, per se. "We're doing this because our clients want it, and because being a good steward means providing more channels for accessing this invaluable data."

(For greater detail about the philosophy behind the ClaimSearch Partner Program, read Love Thy Frenemies, an article by Maroun Mourad, Verisk's president of claims.)

Capability vs applicability: bridging the tech gap

The rapid advancement of artificial intelligence and machine learning has created a gap between what's technologically possible and what's practically applicable in the insurance industry. Riedman and his team are working to bridge this gap by focusing on solutions that not only showcase technological prowess but also deliver tangible value to their clients' operations.

"We're not using technology just because we can," Riedman emphasizes, "but because it's smart to use it. It's about bridging the gap between capability and applicability."

Realistic expectations for AI and automation

The buzz surrounding AI and automation has led to some misconceptions about their immediate impact on the insurance industry. Riedman sees educating clients about the realistic potential of these technologies as an essential part of his role.

He notes: "AI isn't ready to take over human processes. So instead, we want our clients to consider how AI can help free up employees from the mundane tasks." In other words, Riedman aims to help clients see these technologies not as threats, but as tools to enhance human capabilities and improve overall efficiency.

What's next?

With a deep understanding of the evolving insurance landscape and a commitment to client-centric innovation, Riedman is positioning the organization to meet the changing needs of the industry.

A focus on client needs and industry trends

At the heart of Riedman's vision for the future is an unwavering commitment to understanding and meeting client needs. "We're constantly thinking about how to adapt and design products and services for our clients," Riedman states. "They're looking for turnkey solutions that work out of the box, with users able to incorporate them into their workflow seamlessly and with very little downtime for training or transition."

The future of Anti-Fraud Analytics is one of continuous innovation, deeper integration with the ecosystem, and an expanded role in shaping the future of insurance operations to meet evolving client needs. By building on their strengths in claim data analytics and fraud prevention while embracing new technologies and partnerships, Riedman and his team are positioning Anti-Fraud Analytics as a key driver of industry-wide transformation.

Learn more about Verisk Anti-Fraud Analytics.

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