CRIF Decision Solutions has launched Sherlock Detection, an automated fraud detection tool which rapidly risk assesses every claim, to help pet insurers prevent, manage and detect fraud swiftly and efficiently.
FOR IMMEDIATE RELEASE / PRURGENT
Sherlock Detection works across all lines of insurer business and is already available internationally. Its UK launch is focussed on the pet insurance market which continues to face rising claims costs and increasing fraud. The fraud detection tool can integrate any internal and external information sources and analyse the results. It does not require installing on the customer’s premises, keeping costs low, and is available as a Software as a Service [SaaS], via API or via a simple web interface.
Suitable for insurance companies with or without an existing anti-fraud platform, claims are classified on the actual risk of fraud. Over 200 expert rules, which can be supplemented and tailored by the insurer, complete a claims risk evaluation in under three seconds. AI and proprietary machine learning techniques, fed by claims data as it is loaded onto the system, continually adapt and deliver a predictive accuracy far greater than manual analysis and traditional algorithms. Sherlock Detection equips the insurer with a fraud risk score for every claim supported by an intuitive report, written in simple business language, which evaluates the level of anomaly for each claim. Where further investigation is required the report can equip an internal or outsourced investigator with all the necessary information to pursue the case, improving efficiency and reducing fraud control costs.
In using Sherlock Detection, pet insurers can immediately and confidently make claim decisions informed by easily assimilated, evidence based intelligence rather than relying on traditional, unexplained black box rules. Genuine claims can be settled swiftly improving the customer journey.
Sara Costantini, Director at CRIF Decision Solutions said: “Sherlock Detection is a discrete product with a specific purpose which strengthens our suite of counter fraud solutions in the UK. Before we launched CACHE Pet in 2016 insurers had no means to share data. Now, in sequence, we are launching a fraud detection tool which helps them to interrogate their cross industry data and other information sources and equips them with the knowledge to take action. In a recent proof of concept with an international insurer Sherlock Detection not only enabled them to analyse 100% of their claims, where previously they could only analyse 20%; but also demonstrated that 50% of the claims they were paying to investigate were false positives and discovered fraudulent claims that they had not identified. The results were increased efficiency, reduced costs and improved customer experience. We are very much looking forward to supporting UK pet insurers by helping them to inform and build their bank of experience of pet insurance fraud and to reduce the impact of fraud on their businesses.”