Crawford & Company has launched a new solution to enhance how it detects and manages fraudulent claims for its clients.
Available this month in the UK, Crawford Intelligent Fraud Detection combines Luxoft Financial Crimes Intelligence with IBM Technology, an end-to-end software-as-a-service solution for insurance fraud detection and investigation, with its own expertise and forensic analysis capabilities.
As a combined solution, Crawford Intelligent Fraud Detection uses advanced analytics and machine learning to leverage current historic claims data, third-party and industry data to automatically detect claims that have a high risk of fraud, and to route those claims directly to the claims management company’s experts.
The solution will be hosted on IBM Cloud using IBM Cloud Pak for Data to help apply artificial intelligence and analytics to data available across hybrid cloud environments. It can also be integrated into an insurer’s existing product ecosystem.
Joseph Blanco, president of Crawford & Company, highlighted the benefits of the new solution: “The combination of Crawford’s highly experienced loss adjustment, legal and forensic analysis experts with Luxoft Financial Crimes Intelligence with IBM Technology, will help enable us to identify fraud with greater accuracy, allowing insurers to pay genuine claims quickly and more confidently and reduce the number of fraudulent claims paid out—driving down indemnity spend, improving the customer experience and protecting insurers’ bottom lines.”
Jason Spencer, global president of Crawford Legal Services, added: “The blend of our claims and legal expertise with Luxoft Financial Crimes Intelligence with IBM Technology to create Crawford Intelligent Fraud Detection will allow us to manage all types of insurance fraud more effectively, deliver improved insights and continue to boost our capabilities. The integration of AI and machine learning propels Crawford UK into a market leading position when it comes to counter fraud solutions.”
Spencer added: “Uniquely, when UK clients work with Crawford to fight fraud, they benefit from our integrated model. Having Crawford Legal Services embedded within our business means Crawford provides a seamless solution for clients.”