Interested Party Notification and Fraud Screening
Notifying all parties concerned
We handle first notification of claim (FNOC) for hundreds of thousands of our customer’s policyholders. When a call comes in we immediately validate the policyholder working directly from our customer’s systems and electronically distribute all relevant information to all interested parties, including: insurers, brokers and a range of applicable support service providers.
Flagging up fraud up front
The ABI believes that at least one in ten motor insurance claims in the UK involves some element of fraud. So we have dedicated systems and processes in place to ensure we pick up on anything that could raise legitimate suspicions.
In addition to the instinct and insight that comes with using only experienced specialist claims handlers to take incoming calls, we have integrated our bespoke claims management software with Conversant Data’s market leading Advances system.
We believe that a fraud-screening programme only really delivers when it allows fraud teams to focus their time and resource on investigating claims that have been consistently and reliably qualified as suspicious ‚ rather than something referred on a whim.
We have also worked with Conversant Data to create our own bike-specific fraud model that allows us to check every claim that comes in automatically against a set of 180 specific rules we have put together to highlight instances of potential fraud ‚ as well as referencing all the details logged against both internal and external data sources.
Internally, the system checks for any details that correspond with previous claims received ‚ highlighting for example claimants, witnesses, repairers or addresses that crop up repeatedly. Externally, the system checks against databases maintained by the UK’s fraud prevention service CIFAS, the DVLA and the Central Underwriting Exchange (CUE) as well as the motor insurers database and the police national computer.
This unique approach helps show up the involvement of any names, addresses or other details that should set alarm bells ringing. It all takes place online in a matter of seconds, so any concerns can be flagged up immediately and acted upon as appropriate.
The system generates an overall score based on an evaluation of all relevant factors, allowing efficient prioritisation of those claims that most deserve further investigation and rapid processing of very low-scoring claims.
The rules set we have built into the system is based on long experience of motorcycle claims and claims fraud. They are designed to show up the presence of any factor or combination of factors strongly suggestive of a possible fraud attempt.
It’s all part of the way Bankstone works smarter to drive our clients’ efficiency and productivity.