Plum Underwriting has signed a strategic partnership agreement to use Pact Global’s artificial intelligence (AI)-powered claims-as-a-service platform to reduce fraud exposure, accelerate the claims process and gain enhanced customer insight.
Pact has delivered a white-labelled iOS and Android mobile app and web portal that allows Plum to quickly and efficiently confirm the customer’s identity, while detecting whether visual expressions/behaviours or variations in speech might suggest the claimant is not telling the truth.
In addition, Pact has integrated its fraud and cognitive engine into Plum’s customer relationship management system, enabling access to more than 50 separate data points during the claim validation process to verify the customer’s contact details and investigate their claims history.
As well as behavioural analytics and assisted intelligence, the app can also access GPS to verify the location of a claim.
When checking ‘act of god’ claims, such as flooding, Pact verifies weather patterns at the time of the reported incident, which increases the likelihood of detecting fraud and helps insurers predict possible surges in claims.
Mark Seddon, founder and chief executive officer of Pact Global, which launched its AI-powered claims-as-a-service platform in March, said both customer and claims handler benefit from the new service: “Our platform is better for the customer, as it makes the claims process much faster and easier, and also much better for the claims handler, as it automates the whole process and minimises the time spent on claims management, a significant cost to the business.”
“The platform is so intelligent that it can detect whether any images or videos, invoices, warranties and receipts uploaded have simply been downloaded from the internet and presented as ‘genuine’, and it’s all done within a matter of minutes.”
A subsidiary of Global Risk Partners (GRP), Plum Underwriting provides specialist home insurance products to more than 100,000 policyholders in the UK and Ireland.
Peter Cullum CBE, founder and non-executive director of GRP, commented: “We chose to work with Pact for many reasons, but the most important being is their technological solution provides a complementary fit with our existing platform. Adding speed of data transfer at key stages of the process will enable accurate decisions to be made earlier in the claims lifecycle thereby benefiting our customers and key stakeholders alike.”
Plum’s adoption of Pact’s claims technology follows the consolidation of its outsourced claims operations into a single streamlined service late last year.
Seddon concluded: “Plum Underwriting has unique partnerships across the UK that enables our platform to assist in better serving this growing customer base. As we grow our platform Plum Underwriting will have increased capacity to grow their group keeping their growth costs to a minimum.”