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i-Detect® Intelligence Mapping

Policy and claim fraud is on the increase. The latest figures show that actual detected fraud cost the UK industry £732 million in 2015, a clear example of how this affects all genuine customers.

The UK Insurance industry is the largest in Europe and the third largest in the world, following the USA and Japan.There is an estimated £1.7 billion in hidden fraud loss, £392 million in organised ‘Crash for Cash’ fraud, and £39 million in identified Insurance Fraud where claims are paid before they have been identified as fraudulent. This could all easily be avoided.

The i-Detect® System has been developed by i-Cog to rapidly detect fraud on both underwriting and claim levels.

The system is not prejudiced to any claim type – all policyholders and all claims can be cleansed for risk against exact criteria for each Insurer. These ‘rules’ are easily implemented and ensures that all outcomes are bespoke to the client and totally aligned with their own environment.

Claims that are flagged after initial system inspection are passed to an intelligence researcher for assessment against the Insurer’s set policy and claims risk criteria. Within 48 hours, your own claims handlers will be presented with a detailed yet simple risk trigger report outlining all findings, detected anomalies and evidenced recommendations.

Insurer clients using our i-Detect® System are currently placed in the most competitive position within the market when it comes to identifying concerns, understanding their customers and accurately identifying who they are taking on as an insurable risk. It also allows them to proceed to the next stage of claims assessment in the best possible position.

The below highlights just some of the system benefits:
  • Identifies policy and claim risk that would otherwise have been missed
  • Low-cost with fixed pricing to ensure total transparency
  • Speed of return
  • Depth of reporting and a before unseen thoroughness, regardless of claim line
  • No footprints
  • System and human interaction
  • Best system sources available on the market
  • Gives claims handlers the live evidence to challenge suspicious claims within 48 hours
  • Accelerates genuine claims back to the insurer for action
  • Claim does not need to be a concern before washing through i-Detect®
  • System can be used at policy inception or after claim notification.

During a recent pilot study, 301 household and travel claims from 4 Insurers were subject to i-Detect®. All of these claims were historical and had been settled by Insurers directly.

The system output resulted in the following:
  • Significant Concerns Present = 202
  • Risk Free Result = 99
Case Study

Mr & Mrs X presented a claim for subsidence that had been reportedly caused by a leak in the drainage system. They described themselves as simply ‘a farmer and his wife’.

i-Detect® immediately linked Mr X to 4 live commercial enterprises. All were in severe financial distress with one subject to a fraud warning. Two were also trading from the risk address itself, which was a policy exclusion.

It was also noted that five individuals resided at the risk address, despite being advised of only two at inception.

Deeper analysis identified that all businesses were being run in the background whilst the farm operated legitimately in the forefront. i-Detect® also identified two undisclosed convictions for tax evasion totalling £1,500,000 and an unsettled County Court Judgement for £31,000 – all within 48 hours of first notification.

An i-Verify® call took place with Mr X immediately. He admitted withholding all of the above information and that despite the claim incident being genuine, realised he would not be afforded the benefit of cover as a result. Mr X was removed from cover and the claim closed within a week of first notification.

For more information on The i-Detect® System, please download the below fact sheet:

Download idetect.pdf
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