Pet Insurance Fraud Detection
CLAIMS CAN BE DECEPTIVE. CHOOSE THE SMARTEST DETECTIVE!
Discover the advanced solution to empower your anti-fraud and marketing strategies.
Just 3 seconds to investigate 100% of your claims, identify hidden fraudulent connections, assess risk and personalise your offer. That’s where Sherlock Detection comes in to empower your fraud detection and marketing strategies. Artificial intelligence, proprietary machine learning techniques, an insurance fraud analytics engine, and more than 200 expert rules: Sherlock Detection is the innovative Software as a Service developed by CRIF to help pet insurers speed up and optimise claims management, identify the most profitable/less risky areas, boost marketing initiatives, and highly personalise both their offer and pricing.
Providing you with an intuitive and comprehensive risk assessment report, including a fraud risk score.
UNMASK FRAUD IN JUST A FEW SECONDS AND BOOST YOUR PERFORMANCE.
Thanks to Sherlock Detection, pet insurers can immediately and confidently make claims decisions informed by easily assimilated, evidence-based intelligence rather than relying on traditional, unexplained black box rules. Genuine claims can be settled swiftly for a seamlees the customer journey.
Sherlock Detection can integrate any internal and external information sources and analyse the results using innovative machine learning and AI-driven risk assessment capabilities.
Over 200 expert rules, which can be supplemented and tailored by the insurer, complete a claims risk assessment in under three seconds. AI and proprietary machine learning techniques, fed by claims data as it is uploaded into the system, continually adapt and deliver a predictive accuracy far greater than manual analysis and traditional algorithms.
For each claim, Sherlock will provide 3 indices: the Expert Index based on expert rules, the Anomaly Index based on machine learning and the Risk Index, which is a balanced combination of the other two, so you can immediately see the overall evaluation.
Sherlock Detection provides 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.
What are the benefits for pet insurers?
- Get a complete claims risk assessment in just a few seconds.
- Evaluation of the level of anomaly for each claim, identifying hidden connections between parties involved in past and present claims, and preventing and managing both opportunistic and organised claims fraud across multiple lines of business.
- A reduction in operational overheads and an improved overall customer experience.
- Automate and fasten internal processes to effectively deliver services via remote working models and adapt to a rapidly changing operating environment. Claims and fraud teams can have the ability to share information and utilise normal checks virtually and cohesively to offset vulnerabilities.
- Application of the CRIF insurance fraud analytics engine and multiple techniques: business rules, AI and proprietary machine learning techniques, anomaly detection and network link analysis to automatically and selectively manage claims based on relevancy.
- Non-invasive and agile, Sherlock is a Software as a Service (SaaS).
- Flexible and complementary, it is suitable for insurance companies with or without an existing anti-fraud platform in place.
OUR SUCCESS STORIES
PET & RISK INSIGHTS
Do you know that?
- Manchester is 2.5 times riskier than any other city in the UK.
- East London, including suburbs, is 3 times riskier than West London.
- The average claims is 8% higher for Siberian cats than for other breeds.
- The average claim for a Bulldog Victoria is 20% higher than for other breeds.
- The average claim for a Poodle is 7% higher than for other breeds.
Interested in dicovering more about CRIF Risk & Marketing Indicators to tailor your strategies and boost your performance?
Growth Drivers and Challenges in the 2020 Pet Insurance market
As ABI figures reveal, over the past 10 years, the average claim has increased by 75%, whilst the average premium has only increased by 50%. Would you like to know how insurers can boost their performance and profitably grow their market share? Learn more about growth drivers and challenges in the 2020 pet insurance market.
2021 UK PET INSURANCE FACTS
Trends, challenges, opportunities and growth drivers for the UK pet insurance market in 2021.