(Image source: ClaimShare website.)
ClaimShare, an anti-fraud data sharing solution developed by digital finance and integration specialist IntellectEU (New York), reports that it now supports the detection of possibly fraudulent third parties in potential duplicate claims fraud. The additional capabilities were added following feedback from customers and partners, which the vendor says broadens its ability to help insurers uncover and prevent avoidable losses.
ClaimShare’s technology stack combines distributed ledger technology (DLT) with confidential computing and artificial intelligence. The solution is used by insurers to share claims data in what the vendor describes as a completely secure, decentralized, and GDPR-compliant manner. IntellectEU asserts that this makes it possible for the insurance industry to finally detect and tackle possible duplicate claims fraud with outstanding efficiency and accuracy.
“Most cases of duplicate claims fraud involve fraudulent third parties, credentialed individuals and organizations, such as garages, doctors, and brokers, who facilitate the illegal schemes employed by dishonest policyholders,” comments Steven Eliaerts, Product Manager, ClaimShare. “With these additional capabilities, ClaimShare is now even more effective in the fight against possible organized crime.”
Confidential Computing and AI
IntellectEU says ClaimShare’s processes treat personal identifying information (PII) and public data in completely different ways. This allows public data to be stored and compared using R3’s (New York) distributed ledger technology, Corda, while PII is housed on the decentralized solution, according to the vendor, ensuring compliance. ClaimShare then uses R3’s confidential computing platform, Conclave, and artificial intelligence to compare PII securely to confirm instances of duplicate claims. IntellectEU calls R3’s Corda the standard DLT in the financial services and insurance industries.
“We are delighted to see fraud in insurance being tackled on DLT in such an efficient way by ClaimShare,” says Antonio Di Marzo, Chief Product Officer at B3i, the Zurich-based global insurance blockchain platform. “Its cutting-edge technologies combine confidential computing and artificial intelligence with the connectivity enabled by the B3i network and platform. B3i compatible applications like ClaimShare’s, enable players in the insurance industry to solve problems that were previously considered unsolvable.”