LONDON--(BUSINESS WIRE)--Crawford & Company® (NYSE: CRD-A and CRD-B), the world’s largest publicly listed independent provider of claims management and outsourcing solutions, is pleased to announce the launch of Crawford Intelligent Fraud Detection. This new solution combines human expertise and forensic analysis, utilizing DXC Luxoft’s Financial Crimes Intelligence technology with IBM to further enhance how it detects and manages fraudulent claims for its clients.
The solution draws on Crawford’s extensive experience and expertise, leveraging the power of AI to help customers identify and manage insurance fraud.
With fraudulent claims having the potential to impact insurers’ balance sheets, countering fraud is a key component of Crawford’s holistic claim service for its clients. This commitment was evidenced last year when Crawford® became the first claims management company to join the UK Insurance Fraud Bureau. Crawford’s counter-fraud team of highly experienced solicitors, intelligence analysts, investigators, forensic accountants, adjusters and data scientists continually monitor, evaluate and analyse clients’ claims to identify high risk and fraudulent claims, together with emerging fraud threats. These specialists use a range of intelligence tools and data sources to prevent and detect fraud throughout the life of every claim.
The deployment of the solution further strengthens Crawford’s capabilities to detect, manage and prevent fraud. The solution uses advanced analytics and machine learning (ML). It leverages current historic claims data, third-party and industry data to automatically detect claims that have a high risk of fraud, and to route those claims directly to Crawford’s experts. The technology, which combines multiple features into one powerful solution, will be hosted on IBM Cloud using IBM Cloud Pak for Data to help apply AI and analytics to data available across hybrid cloud environments.
DXC Luxoft’s Financial Crimes Intelligence technology includes sophisticated analytical models that can be continually refined to drive more accurate claims fraud identification. Luxoft’s solution incorporates advanced analytics and investigative analysis throughout the entire process, with powerful “out-of-the-box“ machine learning models for fraud detection. The solution can be integrated into an insurer‘s existing product ecosystem—including DXC insurance solutions—in a seamless fashion . Enabled by this technology, Crawford’s combined data science and intelligence unit helps clients identify and manage fraud more effectively.
Joseph Blanco, president of Crawford & Company, commented: “Policyholders and shareholders rightly expect to be protected from the activities of fraudsters. The combination of Crawford’s highly experienced loss adjustment, legal and forensic analysis experts with Luxoft Financial Crimes Intelligence with IBM Technology, will help enable us to identify fraud with greater accuracy, allowing insurers to pay genuine claims quickly and more confidently and reduce the number of fraudulent claims paid out – driving down indemnity spend, improving the customer experience and protecting insurers’ bottom lines.”
Jason Spencer, global president, Crawford Legal Services, commented: “The blend of our claims and legal expertise with Luxoft Financial Crimes Intelligence with IBM Technology to create Crawford Intelligent Fraud Detection will allow us to manage all types of insurance fraud more effectively, deliver improved insights and continue to boost our capabilities. The integration of AI and machine learning propels Crawford UK into a market leading position when it comes to counter fraud solutions.
“Uniquely, when UK clients work with Crawford to fight fraud, they benefit from our integrated model. Having Crawford Legal Services embedded within our business means Crawford provides a seamless solution for clients,” Spencer added.
Franklin Pinder, Senior Director, Insurance Analytics and Financial Crimes, DXC Luxoft added: “As the global insurance industry realizes the power and value AI can bring, we can leverage our extensive experience in insurance and help Crawford’s insurance industry customers to harness AI to more effectively and efficiently manage fraud.”
Jagan Karuturi, VP, Ecosystems Lab, WW Ecosystems, IBM said: “IBM continues to invest in our ecosystem partners to help drive innovation that leverages the full range of IBM capabilities and resources across any cloud environment. Our collaboration with DXC Luxoft can help enterprises like Crawford to seamlessly deploy and integrate advanced analytics and AI into existing products to benefit their global clients.”
Clients in the UK will be able to benefit from Crawford Intelligent Fraud Detection in December 2021, before our solution is rolled out across Crawford’s global network.
About Crawford®
Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers, and corporates with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class. More information is available at www.crawco.com.
