Fraud screening reveals travel blues
01/07/2009 09:00:00 by Marketing
EMB announces new venture with Direct Group to spectacular effect on travel claims investigations
EMB has worked with Direct Group to produce and launch Validate, a new claims fraud screening software package which is demonstrating the extent to which the financial climate in the UK is taking its toll on holiday plans and spending.
“Following the introduction of EMB Validate software, we are already recording average savings of £400 per claim on travel claims. This represents an excellent indication of the further success we expect as we expand the service across our other product lines” said John Baldock, Head of Investigation Services at Direct Group.
Direct Group Investigation Services (DGIS) has begun using the EMB Validate software, which uses criteria-based content analysis (CBCA) to assess the plausibility of statements, not only on pre-selected travel claims but also on wedding, motor, creditor, and personal lines property claims. EMB Validate runs on a secure web portal and is being used to assist and support Direct Group’s specialist investigators to conduct interactive telephone interviews, thus providing a prompt and more cost-effective solution in combating fraud on lower value general insurance claims.
DGIS’ specialist investigators provide a range of investigation solutions from technical desk based assessments, including interactive telephone interviews, to a wide range of focussed field investigations, all of which are supported by a comprehensive range of research and analysis tools.
“In working with EMB to create Validate, we have a vital addition to the DGIS investigation tool kit which allows us to offer a unique and integrated claim solution, to our clients,” said Derek Coles, CEO of Direct Group
He added that the “EMB software uniquely produces a print out of the telephone interview with a risk assessment rating and score to support ease of decision making. This has helped to reduce the life cycle of claims and cut the cost of investigations.”
EMB Validate works by providing a scored and consistent scripting routine for identifying potential inconsistencies in claimants’ statements such as the structure in which they recall events, superfluous or excessive details and the context in which they put the incident or incidents behind the claim. This is based on academic methods that were originally applied to test the credibility of child statements in sexual abuse cases.
Mark Jones, a financial crime consultant at EMB, said: “Validate permits genuine claimants to be identified and reimbursed more quickly. At the same time, it means that the efforts of Direct Group’s investigation team can be directed far more cost-effectively.”
On average, he said that the automated questioning structure should reduce call handling times by 30% while engagement rates for investigation teams could typically be cut by 25%.
Notes to Editors
About EMB
Established in 1993, EMB (www.emb.com) is a rapidly growing international consultancy firm specialising in non-life insurance. Covering personal lines, commercial insurance and the London Market, its services include Business Consultancy, Actuarial Consultancy, Investment Consultancy, Professional Development, Marketing Sciences and Software. EMB pioneered the development and use of high performance actuarial software using modern desktop PCs. The range is unrivalled, making it feasible to perform tasks that would otherwise be impossible, impractical or hugely time-consuming. Headquartered in the UK, EMB employs more than 300 people around the globe covering Americas, Asia-Pacific and Europe, Middle East & Africa with clients that include 28 of the top 30 non-life companies in the world.
About Direct Group
Direct Group are a leading Insurance Solutions Provider operating within the UK Financial Services Marketplace delivering insurance products and services downstream to Brokers, Intermediataries, Retailers, and Finance Companies as well as upstream, by providing bespoke outsourcing services to a range of Insurers. Since their foundation in 1990 Direct Group has expanded its services across a range of product areas, including: Motor, Household, Casualty and Life, providing their clients with an end-to-end service provision from point of sale solutions through to administration, premium collection, claims handling and fraud investigation services. Recent acquisitions have brought further expansion in Liability, Travel and Event claims.
For more information, please contact:
Graham Whitehead at EMB:
Tel: 01372 751060
Email: graham.whitehead@emb.com
Web: http://www.emb.com
John Baldock at Direct Group:
Tel: 0751 5975696
