Fraud Prevention
Combat fraud and financial crime effectively with our intelligent real-time decision engine.
Success story
Delivering an Agile and Sustainable Ai Solution
As a traditional company with strong roots in Switzerland, the virtues of precision, reliability and safety have always been very important to Zurich Insurance Group. Zurich's core business is dealing with risks. Therefore, Zurich addressed the subject of insurance fraud and misuse long before it became omnipresent in the public and media.
The ChallEnge
With its roots deeply embedded in Swiss tradition, Zurich faced a formidable challenge - combatting the rising tide of insurance fraud and misuse. Fueled by their core values, Zurich proactively addressed these threats. This was not merely about protecting their operations; it was a commitment to uphold trust, transparency, and integrity in an industry where these attributes are paramount.
"We decided that we did not want to invest in a homemade solution if we could buy a good and promising solution on the market", says Paul Kühne, Head of Special Investigation Unit, Zurich Switzerland. This marked the initiation of a solid partnership between Zurich and INFORM, laying the foundation for a pioneering solution that resonated with Zurich's values and yielded substantial results.
From the beginning, we saw the extensive potential in RiskShield: The same software could be used for fraud detection in all relevant lines of business.
The project in brief
- The journey began with a focus on motor claims, leveraging quick data and efficient claim processing.
- Expanding their success, Zurich extended RiskShield to property, health, and accident insurance for a comprehensive approach.
- By seamlessly blending RiskShield's algorithms and human expertise, Zurich achieved optimal results in fraud detection.
The result
The impactful collaboration with Zurich Insurance Group led to breakthroughs in insurance fraud prevention. Utilizing RiskShield's advanced capabilities, Zurich achieved substantial success, strengthening defenses for motor, property, health, and accident insurance.
