As fraudsters become more sophisticated, Canada’s largest Direct-to-Consumer insurer expands artificial intelligence fraud detection and analytics program
Toronto, ON (Jan. 27, 2022) – Insurance fraud costs Canadians upwards of $1 billion annually in additional insurance premiums according to a 2021 report published by the Insurance Bureau of Canada. As insurance fraud in Canada continues to become more sophisticated, quick, efficient, and more accurate identification of suspicious claims and prevention of insurance fraud during the claims adjudication process has never been more important.
TD Insurance (TDI) announced that it is expanding upon its manual and analytics-based fraud detection and prevention capabilities to include FRISS’s AI-powered fraud risk scoring to better detect suspicious and fraudulent claims during the claims adjudication process. TDI implemented the FRISS Case Management Tool and Claims Fraud Detection solution in 2020. In June 2021, TDI further enhanced this capability with the integration of FRISS into Guidewire ClaimCenter, TDI’s claims management system. This integration activated real-time fraud risk scoring and flagging of potential fraudulent claims, creating faster and improved detection of suspicious claims.
FRISS’s automated fraud detection technology enhances TDI’s existing fraudulent and suspicious claims detection capabilities, which already includes internally developed advanced AI-analytics to detect fraud, including partnering with Layer 6 and FRISS for best-in-class solutions to combat fraud at each step of the process. TDI is also a participant in Équité Association, a consortium created by and made up of Canadian insurers to fight fraud. Together, these capabilities create a multi-layered approach to identifying and managing fraud and suspicious claims.
“When false or exaggerated claims are processed and paid out, it’s the honest customers who pay for them,” says Sona Mehta, Senior Vice President, Claims, Fraud, Legal and Vendor Management, TD Insurance. “AI-driven detection and analytics is helping our detection and prevention teams better understand, identify, and more accurately prevent fraud faster. Our investments in this space help better protect our honest and valued customers when they need us most.”
“TD Insurance has been great to work alongside,” said Jeroen Morrenhof, CEO and co-founder of FRISS. “In close cooperation, we delivered our automated, AI-driven fraud detection, allowing them to better manage exposure to fraud by accurately assessing claims in a matter of seconds, reducing the number of false positives and recognizing genuine fraudulent claims in real-time. We’re committed to keep delivering results and I can’t wait to see where this partnership will take us next.”
1. The Insurance Bureau of Canada (IBC) is a Canadian national industry association that represents private home, auto, and business insurers. Its member companies make up 90% of the Canadian property and casualty insurance marketplace and the organization has worked to help make affordable home, auto and business insurance available to all Canadians.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the fifth largest bank in North America by assets and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2021. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges. For more information, please visit www.td.com.
TD Insurance refers collectively to the following personal lines insurance companies within TD Bank Group: Security National Insurance Company, Primmum Insurance Company, TD General Insurance Company, TD Home and Auto Insurance Company and TD Life Insurance Company.
FRISS is 100% focused on automated fraud, risk and compliance solutions for P&C insurance companies worldwide. Their AI-powered solutions are available for Underwriting, Claims, and SIU, offering support for full end-to-end digital processing. With over 200 implementations across more than 40 countries, FRISS is seen as a trusted advisor, guaranteeing a safe digital transformation for all of their customers, and unique tailoring of solutions to fit their specific needs. Carriers can expect a seamless integration and products that provide a quick time to value (TTV). Now, with $65 Million from their Series B funding round in 2021, FRISS will be able to continue offering their customers state-of-the-art technology to guide carriers through an ever-changing fraud landscape. For more information, please visit FRISS.com.
SOURCE: TD InsuranceTags: analytics, Artificial Intelligence (AI), Équité Association, fraud, FRISS, TD