Solving duplicate payouts in the insurance industry
ClaimShare | Insurers pay out duplicate claims for the same loss event hundreds of times a day. Today, the ClaimShare platform can detect and prevent double-dipping across insurers without revealing any sensitive data.
The technology has never been ready to enable the sharing of claims data between insurers while respecting business and customers' privacy. This just changed.
Don't take our word for it, test it! ClaimShare enables insurers to backtest data immediately without the need for any integration or deployment. Contact our sales team below and learn how many payouts could have been prevented by using ClaimShare.
ClaimShare does not require any changes to the insurer's front, middle or back office systems. The platform integrates with claims handling systems and insurers' back office systems using simple APIs.
Cost savings passed on to the customer
Almost 10% of insurance claims are estimated to be fraudulent, from which 5-10% are instances of double-dipping fraud. Therefore, double-dipping is estimated to cost insurers $5-10 billion each year, resulting in increased premiums for customers
The Corda layer acts as distributed ledger between the insurers, enabling the sharing of public claims data in real-time and in an immutable way. Built for the needs of highly regulated institutions, Corda is a next-gen blockchain platform that delivers privacy, scalability, and security.
ClaimShare uses Intel Software Guard Extensions (Intel SGX) technology to enable the matching of customer's private data once a suspicious claim is detected. By matching the data, no sensitive data is exchanged, making the solution fully GDPR-compliant. ClaimShare is deployed on Microsoft Azure Confidential Compute VMs.
AI algorithms - including fuzzy matching - are used to optimize the detection of suspected duplicate claims using public data on the Corda ledger and to confirm the fraud when running inside the confidential computing enclaves.
Technology and Business Partners say
"ClaimShare is a prime example of how confidential computing and blockchain technology together can prove a powerful force in enabling a new era of privacy through data sharing. The problem of duplicate payouts is a longstanding issue across the insurance sector, which is ripe for transformation. Our Conclave and Corda platforms are ideally suited to bring this about. We look forward to seeing ClaimShare pave the way in mitigating fraud across the insurance sector."
Richard Gendal Brown, CTO of R3
"ClaimShare combines cutting-edge technologies such as Artificial Intelligence, Machine Learning, and Confidential Computing with the connectivity enabled by the B3i Fluidity® network and platform. Empowering the industry to share and process claims and any other type of data in a fully confidential fashion. Together, we enable the industry to solve problems that were previously considered unsolvable. Sharing data while maintaining full confidentiality and strict compliance with GDPR, strengthens the industry and provides new tools to increase the service level to customers. Double-dipping scenarios are the first step and only the tip of the iceberg of all the possibilities this will unleash for the industry end-to-end. We are proud to support ClaimShare with B3i Fluidity® to accelerate adoption and distribution throughout all B3i members and whilst contributing to the digital transformation of the insurance industry."
Antonio Di Marzo Chief Product Officer B3i
"The application of Confidential Computing powered by Intel SGX to help combat insurance fraud is revolutionary for insurance companies. Privacy and compliance are critical in the insurance industry, ClaimShare's use of Confidential Computing can allow data owners to derive business insights and value from the most sensitive of data sets in a privacy-preserving manner."
Paul O'Neill Director of Strategic Business Development in Intel's Confidential Computing group
“Utilising confidential computing and blockchain ClaimShare assists in early detection of double-dipping fraud and industry-wide savings in overall insurance fraud loss and cost of operations, whilst assisting law enforcement authorities to profile and link syndicates during the criminal investigative process to deter future fraud and money laundering.”
Clive Gungudoo, Director Financial Crimes and Risk Management MoData
“Double-dipping fraud is a key contributor to the fraud cost across the insurance sector, while at the same time, due to inherent data and technological limitations, a systematic detection of this fraud typology has remained largely unviable. Solutions to detect/prevent fraud will not only lead to cost savings across the sector, but will also enhance trust in the sector and reduce household insurance cost ”
Kami Zargar, the Head of Forensic at KPMG Belgium
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