The Swiss insurer has deployed Carpe Data’s claims solution ClaimsX to automate and to accelerate its claims processes
Zurich UK has joined hands with Carpe Data, a California-based insurance services developer to boost its fraud claims prevention capabilities.
The Swiss insurance company will use Carpe Data’s claims monitoring solution ClaimsX to reduce the rising of cost of its claims
By using Carpe Data’s alternative and emerging data, the insurer is expected to improve its claims processing efficiency, and increase its chances of fighting fraud.
Carpe Data’s ClaimsX is expected to enable Zurich to leverage publicly available web data for assessing and automating decision making in real-time.
With ClaimsX’s predictive online content, Zurich can now proactively audit injury claimants and identify cases where the claimant’s profile is at odds with the claims presented. The process can not only help stop frauds in an early stage, but will also allow faster payments to legitimate claims.
ClaimsX platform uses data analytics and AI to refine publicly available data
As per Carpe Data, its ClaimsX platform uses data analytics and artificial intelligence (AI) to refine complex social, web and publicly available data from previously unstructured sources for automated claims decisioning.
It also offers monitoring capabilities for P&C insurers, enabling them to resolve low risk claims quickly, reducing end-to-end cycle times.
Carpe Data chief operating officer and co-founder Geoff Andrews said: “Data and technology play an integral role in catalysing change across the insurance industry, and Zurich recognizes that.
“We’re excited to join forces with such a globally-minded and forward-thinking partner to streamline claims and bolster their fraud prevention efforts.”
Zurich UK used Carpe Data’s ClaimsX as a pilot last year and has now implemented the solution at scale.
Zurich claims fraud head Scott Clayton said: “Carpe Data is the latest addition to Zurich’s ongoing innovation programs focused on transforming the future of insurance.
“[Carpe Data] supports Zurich’s ongoing efforts to improve the claimant experience by expediting low-risk claims, and by providing new insights to help our people make informed, accurate, and timely decisions.”
Last October, Carpe Data announced that its ClaimsX is available as a Data-as-a-Service (DaaS) platform.