With insurance fraud costing the UK insurance industry billions every year, one leading insurer decided to take a new approach to fraud control.
By switching to a digital insurance claims solution they have increased motor insurance fraud detection by 40% and achieved 20:1 ROI.
"Thanks to this digital data solution from 360Globalnet, we are much more efficient at identifying fraudulent claims and nipping them in the bud. Our 20:1 return on investment speaks for itself."
The new digital platform is able to analyse and access 100% of claims data. The incumbent system could only analyse 20% of the data they might need to access in a fraud case. Now, both structured and unstructured data is delivered to the data analytics platform.
"We identified over 1000 fraud claims during the three-phase trial period, where 40% were unique to 360Retrieve. Matches were flagged earlier and false positives dropped to 9% from 80%."
