Insurance data specialist Verisk Analytics Inc. said Friday that it is buying medical record company MediConnect Global Inc. for $348.6 million, boosting Verisk Analytics’ presence in the business of analyzing health records.

The deal is expected to close this month, although it is still subject to approval by MediConnect Global’s shareholders and by regulators.

Verisk Analytics makes data analysis systems for the insurance industry, which can detect fraud and control risk. The company said that buying MediConnect will help it perform similar functions for the medical industry, where more records are being stored electronically.