A claims fraud-detection system helps insurance providers identify fraudulent claims, at both the individual and organizational levels. It is typically used by claims teams and in special investigative units (SIU). There are a variety of business benefits that can be achieved from claims fraud-detection solutions, but two of the primary goals are:
- Improving the carrier’s loss ratio by identifying illegitimate claims.
- Enhancing the overall customer experience by giving providers the confidence to quickly indemnify claims that are deemed valid.
This report provides an overview of fraud-detection solutions for propety-casualty insurers. The report profiles 11 claims fraud-detection solutions providing an overview of their functionality, customer base, technology, SaaS capabilities, implementation, pricing, and support. The following vendors and solutions are included in this report:
- Appian: Appian Fraud Detection
- Charlee.ai: Charlee.ai
- Cogitate Technology: CFNA
- CRIF: Sherlock
- FraudKeeper: FraudKeeper
- Friss: Fraud Detection at Claims
- HUGIN: Bayes Fraud
- LexisNexis Risk Solutions, Inc.: Accurint® for Insurance
- SAS: SAS® Detection and Investigation for Insurance
- Shift Technology: Shift Claims Fraud Detection
- Verisk: Verisk’s Fraud Solutions
While this list is not exhaustive, Celent believes it provides a valuable sampling of vendors.
This report aims to help property-casualty insurers define their claims fraud-detection solution requirements if they are looking to select a partner. It can be used as the first step toward creating a short list of vendors for evaluation. Insurers continue to have a broad spectrum of systems and vendors to consider when looking for a solution to fit their needs. Insurers can leverage their access to the authors through analyst access calls to learn more about the vendors.
