Insurance Times Awards 2022: Covéa believes it has ‘a groundbreaking approach to fraud’ with Ghostbot tech

Explain briefly about your entry in the Excellence in Technology - Fraud Claims category.

Covéa Insurance has always been in touch with the challenges our customers face, but the unprecedented recent pressure from both the Covid-19 pandemic and the current cost of living crisis means that we need to drive a new path to protect our customers.

The Excellence in Technology nomination gave us a clear opportunity to showcase our inventive way of combating claims fraud. Our goal with Ghostbot was to lift the lid on fraud and augment our processes to detect obscure patterns and remain ahead of the game on changing fraudulent activity.

We focus our attention on the non-genuine claims and quickly pay claims that are legitimate. . We have built an artificial intelligence (AI) driven fraud ecosystem, with advanced modelling techniques and custom data points analysing every private motor policy. Non-genuine policies are removed quickly, which has resulted in significant reduction in claims emanating from those policies.

What do you think makes your entry stand out or different from your competition?

Ghostbot is unique because trust in the AI has been woven into the solution from the beginning.

Every predication is fully explained in terms that assessors, regulators and customers can understand. We have proven a way that AI can work harmoniously with human expertise to develop a groundbreaking approach to fraud.

What would winning this award mean to you and your firm?

Winning this award would mean so much to the teams of AI and fraud experts at Covéa Insurance that have worked tirelessly to put our customers’ protection first and work to eradicate fraud in our industry.