Case Alm. Brand – Insurance investigators fight fraud with online classified ads data
Insurance fraud has a significant effect on insurance companies’ profitability. Insurers fight fraud via automatic detection systems, via training their claim handlers and with special investigation units (SIUs), teams of investigators handling suspicious cases.
Brian Egested is the Head of SIU at Alm. Brand, a Danish insurance company. The role of SIU at Alm. Brand covers both optimizing how suspicious cases are identified from the high volume of claims coming in, as well as investigating the identified suspicious cases to prove them valid or fraudulent. One source of information they use in their investigation is online classified ads. They’ve been using online classified ads for a while now, but thanks to Futusome Insurance, Brian’s team is saving a lot of time:
“Now we can have the information like this”, Brian snaps his fingers, ”We used to spend a lot of time searching for that.”
Fighting fraud with internal and external data
The investigative role requires an up to date understanding of what is going on in the world of fraud. It also means having access to relevant internal and external information and having effective practices and tools in place to be able to solve the cases.
The role in optimizing identification of suspicious cases is about applying that knowledge constantly in developing automation systems and training the staff in all departments of the company.
In investigation of suspicious cases, the SIUs use all available information such as internal insurance company databases, governmental and third party databases as well as the information available in the internet.
“We get a lot more relevant information via Futusome system than we did before using other methods.”
For searching information on online classified ads, Alm. Brand uses Futusome insurance investigation Tool. With the tool the investigators learn more about damaged cars’ earlier pricing and condition, about sales history and condition of apartments and items, as well as about the behavior of their customers. This additional information helps investigators to make better decisions on both valid and fraudulent claims.
“It’s also a quick way of saying there is nothing wrong here. It helps us both ways.”
Classified ads is a valuable but hard to tap into data source
While classified ads and online data overall provide valuable information they bring along some challenges as well. Data is dispersed over a large number of sites, making it difficult and time consuming to find. Data often disappears quickly from the original sources and from traditional search engines like Google, making it impossible to search when later needed. And data can be also changed by users or be partly deleted by sources, making it unreliable for investigation. Futusome solves all these issues of online data bringing high coverage of classified ads reliably available when needed. As Brian Egested puts it:
“We can trust Futusome Tool.”
In addition to investigation, the structured information from online classified ads is valuable in other parts of insurance claims process. It can help claims handlers and claims automation systems to make faster and better decisions. Keywords to expansion to larger user base or automation are easy to use tools and API for integration.
“I have to say it is easy to use.”
Alm. Brand has already expanded use of Futusome Tool to some of their vehicle claims handlers, and integrated Futusome Data into investigation case management system. They are planning to expand further both in claims handling and automation.
Alm. Brand was in early 2017 the first Futusome insurance customer in Denmark, and the Tool and Data have been further developed to better fit the local needs. Brian Egested comments on cooperation with Futusome:
“I must say that is one of the strongest good things is that you listen to your customer. You guys are quick to response and also try to do something about it.”
What I can see with my guys (at SIU) is the feeling they have good relationship and trust with you guys.”