CRIF Decision Solutions has launched Sherlock Detection, an automated fraud detection tool that rapidly assesses claims to help pet insurers prevent, manage and detect fraud swiftly and efficiently.
Sherlock Detection works across all lines of insurer business and is already available internationally. Its UK launch is focused on the pet insurance market, which continues to face rising claims costs and increasing fraud, according to CRIF.
The fraud detection tool can integrate any internal and external information sources and analyse the results. It does not require installing on the customer’s premises, keeping costs low, and is available as a software as a service (SaaS), via API or web interface.
Suitable for insurance companies with or without an existing anti-fraud platform, claims are classified on the actual risk of fraud.
More than 200 expert rules, which can be supplemented and tailored by the insurer, complete a claims risk evaluation in under three seconds.
AI and proprietary machine learning techniques, fed by claims data as it is loaded onto the system, continually adapt and deliver a predictive accuracy far greater than manual analysis and traditional algorithms.
Sherlock Detection equips the insurer with a fraud risk score for every claim supported by an intuitive report, written in simple business language, which evaluates the level of anomaly for each claim.
Where further investigation is required, the report can equip an internal or outsourced investigator with all the necessary information to pursue the case, improving efficiency and reducing fraud control costs.
In using Sherlock Detection, pet insurers can make claim decisions informed by easily assimilated, evidence-based intelligence rather than relying on traditional, unexplained black box rules. Genuine claims can be settled swiftly improving the customer journey.
Sara Costantini, director at CRIF Decision Solutions, said of the release: “Sherlock Detection is a discrete product with a specific purpose which strengthens our suite of counter fraud solutions in the UK.”
“We are very much looking forward to supporting UK pet insurers by helping them to inform and build their bank of experience of pet insurance fraud and to reduce the impact of fraud on their businesses.”