"We were looking for a strategic technology partner to work closely with us in our ongoing plans to modernise the group. InsureTech has made a clear long-term commitment to building its business in Latin America and has the global reach to support our growth ambitions. Its solutions and capabilities are also highly rated by independent analysts."
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Find out more about our counter fraud offering
An effective way to detect and prevent fraud
Fraudulent insurance claims in the UK totalled £1.2 billion in 2019, and as insurers automate more and more of the claims lifecycle, the risk of losing money to fraudulent activity is increasing. Even so, they can be reluctant to implement fraud detection software because of high up-front costs, limited IT resources and poor data integration.
Our Fraud Prevention capability validates and fast-tracks genuine claims, improves fraud identification and savings and reduces claim cycle times. It uses machine learning to continually improve fraud detection and can be connected to relevant external data sources to gather additional insights. When combined with our Fraud Investigation Services, which has already processed data from more than 1 million sources, it provides an end-to-end solution, reducing the cost of fraud.
Benefits
Save money
Faster, more accurate identification of fraud reduces losses, ultimately leading to lower premiums and reduced customer churn.
Fast-track genuine claims
Easier identification of fraudulent claims makes it possible to pay legitimate claims more quickly, increasing customer satisfaction.
Improve underwriting
The insight provided by the platform can be used to inform underwriting strategy to help avoid future fraud.
"The deep insurance market knowledge of the Charles Taylor InsureTech team combined with their tireless commitment to excellence in delivery made them a great choice of partner."
COO, Insurance Broker
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