Insurance Tech Innovator ClaimShare Now Detects Possibly Fraudulent Third Parties

Data sharing for enhanced insurance fraud detection 

Thursday 2^nd June 2022 — Anti-fraud data sharing solution ClaimShare now supports the detection of possibly fraudulent third parties in potential duplicate claims fraud. The additional capabilities were added following feedback from customers and partners, broadening ClaimShare’s ability to help insurers uncover and prevent avoidable losses.

ClaimShare is a unique technology stack combining distributed ledger technology (DLT) with confidential computing and artificial intelligence. The solution is used by insurers to share claims data in a completely secure, decentralized, and GDPR-compliant manner. This makes it possible for the insurance industry to finally detect and tackle possible duplicate claims fraud with outstanding efficiency and accuracy.

“Most cases of duplicate claims fraud involve fraudulent third parties, credentialed individuals and organizations, such as garages, doctors, and brokers — who facilitate the illegal schemes employed by dishonest policyholders. With these additional capabilities, ClaimShare is now even more effective in the fight against possible organized crime,” said Steven Eliaerts, Product Manager, ClaimShare.

ClaimShare’s processes treat personal identifying information (PII) and public data in completely different ways. This allows public data to be stored and compared using R3’s distributed ledger technology, Corda, while PII is housed on the decentralized solution. This ensures perfect compliance. ClaimShare then uses R3’s confidential computing platform, Conclave, and artificial intelligence to compare PII securely to confirm instances of duplicate claims. R3’s Corda is the standard DLT in the financial services and insurance industries.

“We are delighted to see fraud in insurance being tackled on DLT in such an efficient way by ClaimShare. Its cutting-edge technologies combine confidential computing and artificial intelligence with the connectivity enabled by the B3i network and platform. B3i compatible applications like ClaimShare’s, enable players in the insurance industry to solve problems that were previously considered unsolvable,” said Antonio Di Marzo, CPO, B3i, the global insurance blockchain platform.

ClaimShare was developed by digital finance and integration specialist IntellectEU. This use case was verified by KPMG, the consulting and regulatory expert. Visit www.claimshare.intellecteu.com to learn more about the solution.

About IntellectEU

IntellectEU is a global leader in emerging technologies and digital finance with 15 years of experience in regulated markets. The company has a reputation for deep expertise in financial messaging and integration; however, in recent years IntellectEU has pushed the frontier of distributed ledger technology, becoming a founding member of the Linux Foundation’s Hyperledger in 2016. For more information about IntellectEU and what the company can do for you, please visit www.intellecteu.com.