Technology & Innovation Awards finalist 2020 Q&A: SBS’s AI bot solution clamps down on fraud and claims exaggeration

Here we feature SBS entry into Fraud Technology Solution of the Year

SBS entered its AI fraud claims bot solution

What key achievement did your entry highlight?

Whilst gadget cover is a growth area, so are gadget claims costs. Gadgets represent a significant risk to insurers, due to their high-value and portability, making them desirable, prone to loss, theft and accidental damage.

SBS have designed an artificial intelligence fraud claims-bot solution that uses unique ‘word cloud technology’ and links to verification services to enable the identification of fraud, spot exaggeration of the claim, but also enables customers to self-serve genuine claims for a faster than traditional service.

Can you share data or testimonials to back up your bid to win?

The key to our success has been to enhance the ability to identify fraudulent and suspicious claim activity, whilst ensuring genuine claimants remain delighted with the fast claim process they receive.

Our processes have seen:

• Claim fraud identification increase to 11.3%

• Withdrawal rates increased by 23%

• Genuine claimant NPS score >80

What sets your firm apart from the other short-listed contenders?

SBS are a driving force behind digital innovation and claim technology.

We have taken a unique approach to fraud identification by using AI technology within a self-serve claim-bot, ensuring zero disruption for genuine customers whilst ensuring claim cost reductions through enhanced fraud detection.

How will you celebrate if you are the victor?

Winning the Fraud Technology Solution of the Year would validate all the hard work carried out within the SBS team and definitely drive us all forward to strive for even better results for our clients.

The celebrations would reverberate through all the close-knit team working at SBS.

Read more…Could Google’s chatbot overhaul the insurance market?

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