360Globalnet have been assisting partners in fraud detection for years now and our detection and prevention technology, 360Retrieve, is now integral to their anti-fraud capabilities.
360Globalnet’s technology has been initially adopted for many reasons - to proactively identify high-risk claims via a combination of fraud rules and watchlist parameters for example - however it’s use has now expanded to draw analytics from MOJ and OIC portal claims data and is also being used by large loss team to help identify early signs of catastrophic and/or incubated PI claims.
To give an example of the technology in action, through the analytics provided by 360Retreive, ‘spikes’ were identified against law firms which were out of keeping from their historical pattern. Further analysis - through 360Retrieve’s unstructured data search capability - identified all cases related to the law firms and highlighted the claims for the time-period in question.
It became clear that these claims seemed to follow the same pattern in terms of the way the claims were presented. This enabled claims to be grouped together and a strategy for management, investigation, and repudiation to be implemented.
New rules and watchlist routines were then established incorporating both the law firms and the circumstances to automate the flagging of any future similar cases going forward. This would not have been possible without the level of data access and pattern and trend ‘flagging’ that 360Retrieve enables. Further, it enables clients to link all the related claims together in terms of circumstances and location, then put in place new rules and watchlist routines to flag future related cases
It’s our collaborative partnerships that have seen clients boost their anti-fraud performance from the start, with clients seeing an average uplift of 15% in terms of fraud detection.
The uplifts are spread across several fraud type including claims farming fraud. The use of data analysis and watchlists via the 360Retrieve platform has been critical in combatting fraud of this type.
A number of factors - including the current economic climate and the relaxation of Medco rules around remote examinations - have made fertile ground for claims farming activity in the last 18 months, and 360Retrieve has enabled clients to robustly target the professional enablers of this fraud and tackle the issue head on.
360Globalnet continue to be a strategic partner of choice in the fight against fraud. If you'd like to find out more, get in touch today.