Launched 12 months ago, Advances is the UKâs first automated fraud detection service for UK insurers. It combines Conversant Dataâs claims fraud detection and prevention expertise, gained from more than 20 years of fraud-fighting experience, with CSCâs Fraud Evaluator, a comprehensive software tool for early detection of potential claims fraud, to deliver in-depth analysis and scoring of claims data.
"These results speak for themselves," said Mark Jones, managing director, Conversant Data. "With industry figures suggesting that around 10 percent of all claims have some fraudulent aspect, insurers are under pressure to reduce the amount they unwittingly pay out to fraudulent claimants. As less money is paid out for fraudulent claims, the information provided by Advances actively contributes towards our clients' bottom line. Consumers will not be penalised by hikes in premiums, which can be kept at an acceptable level."
"Weâre delighted that Advances has so rapidly delivered results to insurers," said John Maitz, vice president of claims solutions for CSCâs Financial Services Group in Europe, Middle East and Africa. "The powerful combination of Conversant Dataâs investigative expertise and CSCâs experience in developing innovative anti-fraud software has allowed insurers to benefit from a low cost of entry and immediate savings."