Insurance Times Awards 2024: Sedgwick’s Cast helps reduce claims screening times

1. Why did you put yourselves forward for the Excellence in Fraud Mitigation – Service Provider category?

Designed and built in-house, our new digital Commercial Automated Screening Tool (Cast) reduces commercial claims screening times down to seven minutes. This frees up our investigators’ time, enabling them to act on suspect claims faster and double the rate of risk identification.

Developed in response to a 38% increase in deliberate misrepresentation and fraudulent policy applications in commercial lines work, Cast has revolutionised how we handle commercial claims.

It’s already saved our fraud investigators thousands of working hours and produced remarkable and impressive fraud savings.

2. What do you think makes your entry stand out, and why should you win the award?

Cast automatically assesses the background and financial standing of a business and its directors, scanning over 20 different data sources to identify any adverse information.

Since introducing Cast six months ago, it has analysed vast portfolios of commercial claims and dramatically reduced overall assessment times.

It has also immediately evidenced sizeable fraud savings, while active cases still under investigation run into millions of pounds. This ingenious digital development definitely demonstrates excellence in fraud mitigation.

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

We’re passionate about finding faster and more effective ways of identifying fraud. We’re particularly proud of Cast and the measurable benefits it’s delivered in a relatively short space of time.

Winning the Excellence in Fraud Mitigation – Service Provider award would recognise all the hard work we’ve put into designing and developing this innovative digital fraud fighting solution.