Shantel
Key Takeaways:
- Zurich UK has made a strategic investment in the latest AI and NLP technologies to drive efficiencies in detecting and combating claims fraud.
- The collaboration with Xapien enables Zurich to automate its research and intelligence gathering process, significantly reducing the time required to establish and validate background information.
- The decision to embrace advanced technology comes as Zurich responds to an increase in fraudulent property claims by 31% and fake casualty claims by 7% over the past year. Zurich successfully prevented £71.5 million in fraud attempts, averting an average of £195,890 per day.
- With Xapien’s AI-powered platform, Zurich can expedite the investigation of suspicious claims by quickly analyzing data from various sources and presenting results in a consolidated manner.
- Xapien’s technology offers valuable insights by highlighting corporate records, insolvencies, struggling companies, and other corporate risks. It ensures that every piece of information is fully sourced, providing confidence to claims investigators and decision makers.
- Leveraging deep linguistic technology, Xapien’s solution identifies non-obvious links within complex corporate structures and extracts critical insights buried in textual data.
- Scott Clayton, Head of Claims Fraud at Zurich, emphasizes the importance of staying ahead of fraudsters by adopting AI-powered technology. This investment allows Zurich to prevent fraud more efficiently, enabling their teams to focus on supporting customers with legitimate claims.
- Chris Green, CEO of Xapien, praises Zurich’s open and innovative approach, highlighting the partnership as a significant milestone in helping organizations worldwide overcome traditional business challenges.
Zurich UK Implements AI and Automation Technology to Combat Claims Fraud
Zurich UK, a leading insurance provider, has embarked on a strategic partnership with Xapien to revolutionize its fight against claims fraud by harnessing the power of Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies.
Zurich recognizes the need for major efficiencies in combating claims fraud, especially amid the current cost of living crisis, which has resulted in a surge of bogus claims. By teaming up with Xapien, Zurich aims to automate its research and intelligence gathering process, enabling quicker establishment and validation of background information in minutes rather than days.
Previously, Zurich’s investigation of suspicious claims was a slow and manual process, involving the laborious checking of multiple databases one by one. With Xapien’s advanced technology, Zurich can now leverage a rapid and resource-light intelligence process, making faster and better-informed decisions.
Xapien’s technology plays a pivotal role in highlighting critical information such as corporate records, insolvencies, struggling companies, and other corporate risks. What sets Xapien apart is its commitment to sourcing and verifying every piece of information, instilling confidence in claims investigators and decision makers.
The inclusion of deep linguistic technology enables Xapien’s solution to identify non-obvious links within complex corporate structures and extract valuable insights hidden within text.
Scott Clayton, Head of Claims Fraud at Zurich, emphasizes the importance of staying one step ahead of fraudsters. By investing in AI-powered technology and automation, Zurich aims to prevent fraud more efficiently, empowering its teams to allocate more time to supporting customers with legitimate claims.
Chris Green, CEO of Xapien, applauds Zurich’s innovative approach in addressing traditional business challenges and states that the partnership is a significant milestone in Xapien’s journey to help global organizations achieve better business outcomes.
About Xapien
Xapien is a technology company founded by experts in deep technology, intelligence, and financial crime. Leveraging cutting-edge AI and NLP, Xapien delivers on-demand research solutions to businesses seeking comprehensive insights into their third-party relationships.
Xapien’s Software-as-a-Service (SaaS) platform is transforming how organizations interact with third parties. It provides businesses of all sizes with the capability to comprehensively understand their partners—a capability that was previously limited to organizations with significant resources.
For more information, visit www.xapien.com and follow Xapien on LinkedIn.
