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Wednesday, 09 March, 2022

Eucon helps insurers detect fraudulent claims with new Claims Radar solution

Eucon has added yet another solution for the automation and digitalization of claims processes to its insurance portfolio. With the Claims Radar check, the digitalization expert is now also offering a solution for end-to-end digital fraud detection.

Dr. Volker Meise, Director Portfolio Management & New Products at Eucon

Insurance fraud is an ever-increasing problem for many insurance companies: According to industry estimates, fraudulent practices incur additional annual costs in property and accident insurance of around five billion euros for insurers. With Claims Radar, Eucon has now developed a solution that adopts the augmented intelligence approach, which means that by integrating proven rule sets in combination with artificial intelligence, patterns and suspicious factors in a claim can be identified and correlations uncovered. The solution helps claims handlers in their decision-making and claims verification by pointing out suspicious processes.

Dr. Volker Meise, Director Portfolio Management & New Products at Eucon, says: “At the end of the day, all policyholders pay the costs of fraudulent claims through higher premiums. Our solution therefore not only supports insurance companies in their digitalization projects, but also targets aspects such as customer satisfaction, efficiency and cost optimization. With this holistic view, the check within Claims Radar is the next step in E2E claims processing.”

Claims Radar’s fraud check focuses on patterns of four types of insurance fraud: colluded case, fabricated case, provoked case, and invented case. The results of AI as well as rule sets are both explained and graphically displayed in Claims Radar, empowering insurance staff to evaluate a case based on the entire data set and identify suspected cases. The benefits of using Claims Radar: The process of checking for insurance fraud is accelerated and service in the event of a claim is optimized. With new approaches, cutting-edge technology and machine learning, Claims Radar takes fraudulent claim checking to the next level – benefiting both insurers and the insured.

For more information on Claims Radar, click here.