Verisk acquires Franco Signor for $160 million
Data analytics provider Verisk has acquired Medicare Secondary Payer (MSP) service provider Franco Signor that will become part of Verisk’s Claims Partners business, a provider of MSP compliance and other analytic claim services.
“We’re pleased to add Franco Signor’s well-regarded capabilities to Verisk’s strong offerings in the Medicare space,” said Mark Anquillare, chief operating officer of Verisk. “We anticipate that this acquisition will have substantive long-term advantages for the industry, as Verisk will now be able to offer unparalleled guidance and an all-inclusive solution suite for all aspects of an insurer’s Medicare compliance needs.”
With the addition of Franco Signor’s offerings to Claims Partners’ MSP compliance suite, Verisk now offers the broadest range of Medicare solutions powered by its sophisticated analytics and the highest quality data available. With the synergies resulting from the acquisition, the industry will benefit from flexible service levels that fully support insurers, self-insureds, and third-party administrators (TPAs) in their compliance needs throughout the life of a claim, as well as the industry-leading quality and service for which Claims Partners is known.
“The complexities of Medicare compliance obligations are extremely challenging,” said Richard Della Rocca, president of Claims at Verisk. “With the addition of Franco Signor to the Claims Partners team, we can offer the insight and experience of the country’s top MSP experts under one roof for the benefit of the entire industry and look forward to providing the very best experience and service for our customers.”
“We are excited to join Claims Partners in order to provide integrated solutions and enhanced support to claims professionals,” said John Williams, chief executive officer of Franco Signor. “Becoming part of the Verisk family will enable us to offer added value to our current customers through advanced analytics.”
The comprehensive Medicare compliance suite includes highly accurate Section 111 reporting with flexible service that is tailored to the way insurers and TPAs do business, including automated conditional payment processing, and a full range of Medicare Set-Aside (MSA) services including professional administration. In addition to full compliance support, including First Report of Injury (FROI)/Subsequent Report of Injury (SROI) and other Electronic Data Interchange (EDI) reporting, claims professionals can avail themselves of Claims Partners’ robust analytic solutions for workers’ compensation and liability claims and can leverage litigation analytics for improved claim results, as well as Verisk’s more comprehensive claim offerings which include fraud detection, investigation resources, subrogation support, and more.
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“The pandemic has added urgency to the digital transformation long sought by many in the life industry. Our plans to integrate Verisk’s EHR Triage Engine with WOMBA’s platform will help insurers make significant progress towards their goals.” - President of global underwriting at Verisk, Maroun Mourad.