Insurance fraud is a massive issue: >$40bn per year in US Property & Casualty alone, passed on as higher premiums meaning billions of the most vulnerable people worldwide cannot afford the protections they provide whilst everyone gets worse customer service due to the fraud checks.
BlockFrauds helps insurers detect fraud more efficiently and effectively, whether in automated systems or direct interactions. It helps form an ecosystem of the insurer’s chosen data and tools, for maximum detection opportunities. It applies cutting-edge technologies including AI and proprietary algorithms to further detect fraud. The anonymised intelligence is then shared seamlessly and compliantly on a private blockchain, acting like a Fraud Bureau. Frauds, fraudsters and multiple claims are better detected whilst the AI learns faster and more broadly from the wider intelligence, helping it keep pace with fraudster evolution.
Insurance claims handlers get initial and updated Claim Credibility Scores and Claimant Reputational Scores to help prioritise their investigations. All insurers can benefit, including SMEs who don’t have the advantage of large proprietary datasets for cross-checks, whilst end customers get better value and service with the chance of lower premiums and more innovative products.