Most brokers may think that their investment needs to go towards data analytics and artificial intelligence, such as Hunter (Experian), or Sira (Synectics Solutions). However, our Head of Investigation and Counter Fraud, Brendan Gillooly, argues that this should not be the only focus.
Brendan has recently been featured in Insurance Age, alongside other industry experts, commenting on the topic of technology within claims management. The article highlights how brokers can use technology to manage claims, as well as claims prevention, with a focus on anti-fraud technologies for brokers.
Brendan comments on the overreliance of well-established fraud checklists, and how they can present some problems. He states that whilst they can be useful, they can “generate too many false positives” and
“It takes a finer eye for detail to look at that indicator and understand if it really is an issue or not”.
It must be a combination of both tools and technology, as well as human interaction. The two should complement each other, not replace.
Testament to this combined approach is the milestone Quadra achieved this week by saving over £1.5 million for their clients of prevented fraudulent loss, since establishing their dedicated Counter Fraud and Investigation Service in 2017. The efforts and diligence of all staff and their abilities to spot key indicators of fraud have, in combination with technology, ensured a robust approach to tackling the cost of claims fraud.
Read more from our Head of Investigation and Counter Fraud, Brendan Gillooly, talking on the use of technology within anti-fraud solutions
You can read the full article on the Insurance Age website here.
For more insights into fraud within the claims industry, you can read one of our interviews with Brendan here.