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Claimshare

Detect and prevent double-dipping across insurers without revealing any sensitive data

Collaborate with insurers to enhance your fraud detection systems while preserving privacy

Benefits at a glance:

Detect and prevent new forms of fraud
Simplified backtesting
Smooth integration and deployment
Cost savings passed on to the customer

Overview

Insurers are investing heavily in fraud prevention mechanisms, leveraging the newest technologies to perform deep analysis and to identify patterns of fraudulent behaviour. Unfortunately, they are limited to their internal data for these purposes. There is no industry standard for data sharing and there is no production-grade technology to facilitate industry-wide data sharing given the regulatory constraints of sharing sensitive, personal information.

Our solution provides a consortium of insurance companies a quick and automatic way to identify and eliminate the duplication of claims for the same loss event, while also complying with all regulations. Customers’ privacy is respected and no sensitive information is revealed to any competitors. To do so, the content of a claim is divided into public and private data. The ‘Public’ part of the verified claims is shared with all insurers in the network on a distributed ledger. The ‘Private’ part of claims is not shared, but is used to confirm fraudulent duplicate claims.

The Technology

Corda Blockchain

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.

Confidential Computing

Our Claimshare solution 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. It is deployed on Microsoft Azure Confidential Compute VMs.

Artificial Intelligence

AI algorithms – including fuzzy matching – are used to optimize the detection of suspicious duplicate claims using public data on the Corda ledger and to confirm the fraud when running inside the confidential computing enclaves.

Learn More

Quantifying Double-Dipping Fraud for the First Time, Ever!

If ignorance is bliss to some, it cannot be to an industry that banks on risk. Double-dipping fraud — or multiple-payouts for the same incident — has cost insurers billions of dollars, and we do not even know how much. That is about to change.

Since winning the global insurtech challenge by R3 and B3i in 2020, a dedicated team from IntellectEU has worked relentlessly to build the first-ever platform enabling the detection and prevention of double-dipping fraud — all in accordance with European General Data Protection Regulation (GDPR) laws.

Read More…

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