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RSA-owned Trygg-Hansa engages Willis Towers Watson to deliver real-time claims fraud detection using machine learning

Initial tests run by RSA-owned Trygg-Hansa saw more than a 100 per cent increase in the insurer’s claims fraud detection rate

Insurance Consulting and Technology
N/A

December 16, 2019

We are delighted to be working with Trygg-Hansa, recognised as one of the market’s most progressive, technology-driven insurers, as we help them respond to new threats and stay at the forefront of claims fraud detection,”

Tom Helm,
Head of Claims Consulting at Willis Towers Watson.

LONDON, 16 December, 2019 — Willis Towers Watson today announced that Trygg-Hansa, owned by RSA Insurance Group has expanded its use of Radar Live, the price delivery software, to give the non-life insurer improved capability to detect, prevent and manage increasingly complex claims fraud in real time from a single platform.

Insurers are going through significant transformation driven by rising customer expectations and a new wave of digital-first competitors disrupting the market. Consumers now demand instant 24/7 services, combined with the ability to self-serve, benefit from fast-track claims processing, and receive unparalleled customer support.

“Radar Live works behind the scenes, enabling use of advanced analytics to assess structured and unstructured data to uncover hidden fraud patterns and complex relationships within social networks, giving us the capability to deliver scoring for fast review and accurate assessment” said Sascha Firle, Director Advanced Analytics at Trygg-Hansa. “Better claims fraud detection capabilities and faster response times help us to detect fraud early in the cycle and result in fewer false positives. This reduces pay-outs on fraudulent claims, leading to improved profitability and a better customer experience for genuine claimants.”

Based on initial tests run by Trygg-Hansa, Radar Live was able to increase the insurer’s fraud detection rate by more than 100 per cent. According to Willis Towers Watson, this significant performance lift will continue to improve as advanced analytics and machine learning models continue to learn the characteristics of fraudulent claims, are augmented with additional internal and external data, and adapt to identify new patterns.

"We are delighted to be working with Trygg-Hansa, recognised as one of the market’s most progressive, technology-driven insurers, as we help them respond to new threats and stay at the forefront of claims fraud detection,” said Tom Helm, Head of Claims Consulting at Willis Towers Watson. “Traditional methods are sub-optimal as they rely on slower overnight batch runs, fixed business rules, which only anticipate suspicious activity based on past fraud and may leave insurers dependent upon external providers to make any analytical improvements.

“To combat today’s complex and evolving schemes, Radar Live allows insurers to run multiple machine learning algorithms, assess a vast array of data points and produce a score on the likelihood of fraud all within less than a second. This enables decisions to be made, whilst the customer is on the phone or notifying their claim on-line. Insurers also remain in control of the analytics, enabling them to respond in an agile way and quickly deploy new fraud rules and models into production.”

Key features of using Radar Live, supported by Willis Towers Watson’s in-house claims and fraud expertise, as a fraud risk solution include:

  • Real-time fraud detection – A proven platform for deploying a combination of machine learning capabilities and predictive analytics that integrates to an insurer’s operating system to provide an advanced decision engine that generates real-time risk scoring (for all policies and claims), uncovering suspicious activity earlier in the cycle.
  • Predictive power – The use of advanced analytics to scan a vast array of data available to claims teams, and the ability to mine and convert unstructured data, enables Radar Live to identify fraud patterns and risks previously undetectable to the human eye.
  • AI platform for claims – The solution can be used to help support straight-through processing of genuine claimants and also serve as a decision engine across the lifecycle of a claim. With its ability to host multiple models, it opens a wide range of opportunities for Claims functions to deploy AI in real-time at scale, from routing decisions at FNOL, to identifying a large loss or the risk of litigation.

About Radar Live

The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery.

All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.

About Insurance Consulting and Technology

Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.

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