Enhance your ability to proactively detect personal injury fraud.
Designed with client input and following proof of concepts with leading UK insurers and compensators, Sherlock Alert supports users in navigating the changing regulatory landscape for PI claims and the requirement to gather evidence and consider their position on fault within 30 business days.
Sherlock Alert uses the information exchanged between an insurer/compensator and the Compensation Recovery Unit [CRU] combined with data sources from CRIF’s ID verification tool, to automatically detect when the claimant’s National Insurance Number [Nino] may have been altered to commit fraud. The accuracy that comes from checking actual Ninos, rather than algorithms is game changing and unique to Sherlock Alert.
Why Sherlock Alert
- Prompt alerts to the fraud investigation team with new insights to better tackle fraud
- Significant improvement in loss savings by enabling the detection of a higher number of fraud cases
- Improved operational efficiency in claims handling by intercepting “adverse claims” very early in the process.
CRIF led insurer/compensator pilots which have proved the correlation between Nino mismatches and PI claims fraud. Pilot results showed that 5% of submitted PI claims had a Nino mismatch; of those, 20% were classified as suspect following ID verification checks; and following further investigation 70% were proven to be fraudulent. The potential claims fraud savings make a compelling business case and guarantee significant ROI on the annual licence fee cost of Sherlock Alert; especially as it comes as a plug and play tool with no IT cost impact.
- 5% of submitted PI claims had a Nino mismatch
- 20% suspected claims
- 70% were proven to be fraudulent.
Your potential loss savings
- 36,000 PI claims submitted to the CRU annually
- 250+ additional fraudulent PI claims stopped thanks to Sherlock Alert
- £10,431 – the average cost of a fraudulent PI claim according to ABI stats
- £2.6 million in estimated loss savings.
Sherlock Alert is an extension to Sherlock Investigation, CRIF’s counter fraud solution currently used by around 100 insurers. It automatically notifies the fraud prevention team removing any ‘overlook risk’ arising from reliance on manual notification by the claims handler as well as saves valuable time by boosting the investigation process.
One click from the fraud investigator can start a claim enquiry with Sherlock Alert providing pre-populated forms and the ability to easily export data to the insurer/compensator’s internal platforms.
Products and Services
The CACHE PI service enables insurers to search the Claims and Underwriting Exchange Register Personal Injuries database (CUE Search) and obtain a full report of the personal injury claims history of a given individual. It holds over 13.5 million personal injury insurance claims.
CACHE CRU Electronic Messaging
A unique workflow solution enabling insurers to electronically submit and receive messages to and from the Department for Works and Pensions (DWP).
Sherlock Investigation is designed to deliver, in one click, counter-fraud intelligence to the investigator. By consolidating best of breed data sets on a single screen, Sherlock supports around 100 UK insurers in speeding up the investigation process, delivering operational efficiencies, and reducing the time to collect and integrate key information.
From a wealth of powerful data, an easy to understand identity verification and risk assessment report is produced. Combining a brief results summary with a detailed granular report, ID Check delivers identity verification tools which are both user-friendly and highly informative as well as a corresponding score.