Anti-fraud data sharing solution ClaimShare now supports the detection of possibly fraudulent third parties in potential duplicate claims fraud. The capabilities were added following client feedback, broadening ClaimShare’s ability to help insurers prevent avoidable losses.
What is ClaimShare?
ClaimShare is a unique tech stack combining distributed ledger technology (DLT) with confidential computing and artificial intelligence. The solution is used by insurers to share claims data in a secure, decentralized, and GDPR-compliant manner. This makes it possible for the insurance industry to tackle possible duplicate claims fraud with outstanding efficiency.
“Most cases of duplicate claims fraud involve fraudulent third parties, credentialed individuals and firms, like garages, doctors, and brokers — who facilitate the illegal schemes employed by dishonest policyholders. With these capabilities, ClaimShare is even more effective in the fight against possible organized crime,” said Steven Eliaerts, Product Manager, ClaimShare.
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 distributed ledger technology, Corda, while PII is housed on the decentralized solution.
This ensures perfect compliance. ClaimShare then uses R3’s confidential computing platform, Conclave, and artificial intelligence to compare PII securely to confirm instances of duplicate claims. R3’s Corda is the standard DLT in the financial services and insurance industries.
Why is ClaimShare a unique product?
“We are delighted to see fraud in insurance being tackled on DLT in such an efficient way by ClaimShare. Its cutting-edge tech combine confidential computing and AI with the connectivity enabled by the B3i network and platform. B3i compatible apps like ClaimShare’s, enable players in the insurance industry to solve problems that were previously considered unsolvable,” said Antonio Di Marzo, CPO, B3i, the global insurance blockchain platform.