Kube Partners, an international consultancy and software application company with a focus on the insurance and banking industries, and Guidewire Software, Inc. , the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced that Kube Partners’ add-on for Fraud Detection has successfully completed the Ready for Guidewire validation process and is available for download by Guidewire customers in the Guidewire Marketplace.
Read More: Tuvalu Embarks On World’s First National Digital Ledger And Infrastructure Project On Bitcoin SV
Insurance fraud is a prevalent issue for insurers around the world. According to the Association of British Insurers, insurance claim fraud was valued at £1.2 billion in the UK in 2018; insurers detected 98,000 dishonest claims and there were 1,300 insurance scams discovered every day, each with an average value of £12,000.
To help insurers counteract this widespread fraud, Kube Partners has worked closely with expert fraud investigators to create Detector R2. Enhancing human insight and expertise with the benefits of proven data analytics and artificial intelligence, Kube Partners has developed a highly intuitive platform for the detection and end-to-end management of insurance fraud.
Detector R2 singles out risky claims and identifies connections that would otherwise have been overlooked. It produces a fraud score by deploying a wide range of different criteria, including fraud history, emerging trends, networks of involved parties, machine learning and geo-social analysis.
Read More: GlobalFintechSeries Interview with Dr. Vincent Pignon, CEO at Wecan Group
With Kube Partners’ Detector R2 add-on for ClaimCenter, insurers can:
1. Seamlessly access a claim’s Detector R2 fraud score and in-depth, content-rich analysis summary within ClaimCenter;
2. Save time and resources by reducing false positives and enabling adjusters and investigators to concentrate their efforts on the most suspicious and complex claims;
3. Automate claim scoring and investigation workflow by selecting claim lifetime events to launch the scoring process and trigger specific ClaimCenter actions based on the score received;
4. Accelerate the settlement of genuine claims.
“Counteracting fraud is Kube Partners’ primary mission,” said Andrea Guerra, Founder and CEO of Kube Partners. “It’s not just about a more profitable balance sheet; we strive to fight fraud because we believe that a more honest society is a happier one. We work for the greater good. The synergy between Guidewire and Kube Partners will serve to reinforce this fight at a global level.”
“We congratulate Kube Partners on the release of their add-on, now available in Guidewire’s Marketplace,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “Undetected fraud drains insurers’ capital, time, and resources. We are pleased to offer our joint customers access to Kube Partners’ Detector R2 integration which they can leverage to help fight fraud and increase the efficiency of investigations and decision-making processes.”
