Case Study

The world’s first solution for “double-dipping” insurance fraud

ClaimShare is a flagship product from global technology vendor IntellectEU, that enables insurers to identify double-dipping fraud. Powered by Corda and Conclave, the duplicate fraud claim verification solution enables insurers to decrease the number of fraudulent claim payouts. ClaimShare is currently being trialed by several leading insurers.

Challenge

Double-Dipping Fraud

5-10% of all insurance fraud is related to double-dipping fraud, where one party files a claim with multiple insurers for the same event.

Exposes Data Silos

Insurers are reluctant to share data with competitors and GDPR restricts the transfer of personal data.

Lack of Technology

No technology exists for insurers’ fraud detection systems to reliably share claims data with one another.

Compliance in Centralized Solutions

Insurers struggle to comply with increasingly stringent privacy regulations across different geographies.

Solution

IntellectEU’s ClaimShare

Aggregates sensitive data across multiple insurers in different jurisdictions and shared in an anonymized manner to identify and prevent double-dipping fraud.

Claims Verification

By enabling insurers to put public claims data on the ClaimShare ledger after verification, other insurers can confirm if the claim has already been paid out by another insurer.

Leverages Corda Permissioning

Allows developers tChosen for its private, peer-to-peer transaction model that allows claims data to be shared only between insurers that cover the specific line involved.o build privacy-enhancing applications to securely share & analyze data.

Leverages Conclave Privacy

Allows developers to build privacy-enhancing applications to securely share and analyze data.

Results

Reduces Fraud Risks

Saves up to 10% of overall fraud costs per insurance line for insurers as suspicious claims are flagged and investigated.

Increases Transparency

Improves reporting and analytics capabilities for insurers.

Secures Data Sharing

Enables real-time, anonymized, secure sharing of claims information between insurers.

Real-Time Notification

Provides options for notifying regulators in real-time. 

ClaimShare and its network of insurers are forceful proponents of the Conclave technology developed by R3. ClaimShare uses Conclave in combination with Corda Distributed Ledger Technology to exchange and confirm personal data matches between insurers to flag potential duplicate fraud claims.

Steven Eliaerts—Product Manager, ClaimShare
INNOVATE TODAY TO PREPARE FOR TOMORROW

Confidentially aggregate data using a shared record of truth to detect fraud with ClaimShare.