Flatline rolled out at Institute of Economic Affairs Claims Forum.
Absolute Fraud Management today unveiled Flatline, a new tool in the fight against insurance fraud.
The solution was rolled out at the Institute of Economic Affairs Claims Forum, held yesterday in London.
In a statement the company said that Flatline solution represented "a ground breaking approach to identifying honesty and challenging fraud, based on unique self developed tools which harness new fraud indicators".
Flatline captures, amalgamates and analyses multiple layers of information through forensic, linguistic, behavioural and cognitive memory recall indicators and established and emerging fraud trends.
A fraudster will present as a ‘Flatliner’, while a genuine claimant will demonstrate the natural peaks and troughs associated with memory recall associated with a traumatic event.
Developed exclusively for the insurance market by Stuart Dennis, Managing Director of Absolute, the company said Flatline would allow insurers and their business partners to deliver extreme customer service by identifying honesty rapidly and fast tracking genuine policyholders through the claims process to an early resolution.
The company added that it currently provdied a minimum saving on claims spend of 475%.
Dennis said: “The development of Flatline is testament to Absolute’s commitment to innovating to ensure that the market stays one step ahead of fraudsters. We have been working on the development of Flatline for the last eighteen months and the final solution that we have launched today has evolved as a result of comprehensive trialling.”
Chairman of The Insurance Fraud Investigators Group (IFIG), Peter Upton added: “Fraud is the fastest growing crime in the UK and is estimated by the ABI to cost the insurance industry a staggering £1.6 billion a year.
"Absolute has an established reputation for innovating to fight fraud and the launch of Flatline is another significant and positive step towards our collective goal.”
