(Image source: Fraud Keeper homepage.)
Charles Taylor (London), a provider of claims and technology solutions to all parties in the global insurance market, has entered into a partnership with Fraud Keeper (FK; Rosario, Argentina), acquiring a majority share of the company.
Charles Taylor describes FK as a cutting-edge SaaS platform based on automation and artificial intelligence that helps insurers detect, prevent and manage fraudulent transactions in real time. Based in Rosario, Santa Fé, Argentina, FK has a presence in Spain. The FK team, which has over 20 years’ experience in helping insurers in the fight against fraud, has rapidly built its client base and reputation in Latin America, and its partnership with Charles Taylor will enable the to bring its proven technology to new markets and client situations globally, according to a Charles Taylor statement.
FK’s automated fraud detection software triages, validates and fast-tracks genuine claims, with automated claims payment functionality to reduce the claims lifecycle. It uses machine learning to continually improve fraud detection and links to external data sources to gather additional insights. The technology can also support smart risk selection and churn prediction with new customers, as well as providing insights to insurers to up-sell and cross-sell relevant products to their existing customer base.
Charles Taylor characterizes FK as a valuable addition to the company’s existing suite of InsureTech tools and solutions, which includes Authorities Governance, Distributed Data Management, Claims Management, Digital Distribution, Document Management, Process Management and Broking Platforms. FK complements Charles Taylor’s global counter fraud strategy, its Specialist Investigation Services investigations division, and its acquisition of Contego Investigative Services.
“This is a significant step in our strategy to invest in innovation that helps our insurer clients compete in today’s fast-moving market,” comments Lautaro Mon, Chief Product Officer, Charles Taylor InsureTech. “The Fraud Keeper technology, combined with our own market-leading suite of products, will be a game-changer for insurers in the fight against fraud. We believe that AI will play a key role in the future of insurance and will be a pillar of our March product launch event.”
“Fraud Keeper’s technology will enable us to further enhance Charles Taylor’s counter fraud ecosystem and help our clients better manage their claims expenses and loss ratios,” says Bobby Gracey, Group Head of Fraud, Charles Taylor. “When automated fraud detection is utilized in conjunction with Charles Taylor’s investigative capabilities, it can provide clients with a complete solution to fraud prevention, detection and investigation.”
Scaling the Business Globally
“We are delighted to be working with Charles Taylor and this new partnership will enable us to scale the business globally,” comments Daniel Gabas, CEO, Fraud Keeper. “Our proven technology, combined with Charles Taylor’s products and services, will enable us to offer our clients true end-to-end solutions. We look forward to leveraging Charles Taylor’s technology and expertise in the insurance sector to create a world-class proposition for clients.”