Crawford & Company has launched Crawford Intelligent Fraud Detection, which combines human expertise and forensic analysis to enhance how it detects and manages fraudulent claims for its clients.
The solution draws on Crawford’s extensive experience and expertise, leveraging the power of AI to help customers identify and manage insurance fraud.
With fraudulent claims having the potential to impact insurers’ balance sheets, countering fraud is a key component of Crawford’s holistic claim service for its clients.
This commitment was evidenced last year when Crawford became the first claims management company to join the UK Insurance Fraud Bureau.
Crawford’s counter-fraud team of highly experienced solicitors, intelligence analysts, investigators, forensic accountants, adjusters and data scientists continually monitor, evaluate and analyse clients’ claims to identify high risk and fraudulent claims, together with emerging fraud threats.
Joseph Blanco, president of Crawford & Company, commented: “Policyholders and shareholders rightly expect to be protected from the activities of fraudsters.
“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, Crawford Legal Services, commented: “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.
“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,” Spencer added.
Franklin Pinder, Senior Director, Insurance Analytics and Financial Crimes, DXC Luxoft added: “As the global insurance industry realizes the power and value AI can bring, we can leverage our extensive experience in insurance and help Crawford’s insurance industry customers to harness AI to more effectively and efficiently manage fraud.”
Jagan Karuturi, VP, Ecosystems Lab, WW Ecosystems, IBM said: “IBM continues to invest in our ecosystem partners to help drive innovation that leverages the full range of IBM capabilities and resources across any cloud environment.
“Our collaboration with DXC Luxoft can help enterprises like Crawford to seamlessly deploy and integrate advanced analytics and AI into existing products to benefit their global clients.”
