By: 30 October 2014
i-Cog launches low value claims fraud screening service

A new suite of claims handling services which could save costs for insurers and speed up the claims resolution process has been launched by i-Cog Claims Management.

The company says that it aims make risk assessment of all claims, regardless of value, a commercially viable option for insurers with its new product, called i-Options. It says the suite of products has benefitted from extensive psychological research and system improvements meaning that it can quickly – and accurately – identify policy breach or fraud risk.

The entire suite consists of component services which can be utilised by clients together, or individually, as required. Insurers can use one element, for example, to screen, cross reference and highlight risk triggers and fraud indicators against a range of intelligence sources. Another allows users to qualify anomalies with intelligence led analysis.

i-Cog has piloted i-Options over a six month trial period using 500 claims which it says resulted in 42% of claims being withdrawn by claimants and an unprecedented 0.4% complaint ratio.

Tara Shelton (pictured), Managing Director and Founder of i-Cog said that the new suite of products now gave insurers choices that were previously not available, particularly when considering lower value claims.

“I have seen many occasions when claims are paid simply due to their value, and later turned out to be fraudulent,” she said.

“The science behind our suite of services gives clients the confidence and choice to assess all claims fairly, settle genuine claims swiftly, and further validate suspect claims more thoroughly.

“Our advanced knowledge of claims psychology and its impact on an individual’s behavior, means [that] not only can we separate the liars from the truth-tellers, but we can determine the level of deception and its possible motive. Our customer service philosophy drives our commitment to ensuring that every policyholder is treated with dignity and respect and has a positive claims experience, regardless of the outcome.”