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Insurance Fraud Detection Solutions: 2022 Property Casualty Insurance Edition

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26 September 2022

A Celent Solution Scape: Powered by VendorMatch

Abstract

A claims fraud-detection system helps insurance providers identify fraudulent claims, at both the individual and organizational levels. It is typically used by claims teams and in special investigative units (SIU). There are a variety of business benefits that can be achieved from claims fraud-detection solutions, but two of the primary goals are:

  • Improving the carrier’s loss ratio by identifying illegitimate claims.
  • Enhancing the overall customer experience by giving providers the confidence to quickly indemnify claims that are deemed valid.

This report provides an overview of fraud-detection solutions for propety-casualty insurers. The report profiles 11 claims fraud-detection solutions providing an overview of their functionality, customer base, technology, SaaS capabilities, implementation, pricing, and support. The following vendors and solutions are included in this report:

  • Appian: Appian Fraud Detection
  • Charlee.ai: Charlee.ai
  • Cogitate Technology: CFNA
  • CRIF: Sherlock
  • FraudKeeper: FraudKeeper
  • Friss: Fraud Detection at Claims
  • HUGIN: Bayes Fraud
  • LexisNexis Risk Solutions, Inc.: Accurint® for Insurance
  • SAS: SAS® Detection and Investigation for Insurance
  • Shift Technology: Shift Claims Fraud Detection
  • Verisk: Verisk’s Fraud Solutions

While this list is not exhaustive, Celent believes it provides a valuable sampling of vendors.

This report aims to help property-casualty insurers define their claims fraud-detection solution requirements if they are looking to select a partner. It can be used as the first step toward creating a short list of vendors for evaluation. Insurers continue to have a broad spectrum of systems and vendors to consider when looking for a solution to fit their needs. Insurers can leverage their access to the authors through analyst access calls to learn more about the vendors.