The Investigation Software Company
Watson Helps Detect Bogus Insurance Claims
Cheshire, UK — Fraud investigators at Ravenstone UK, an insurance claims consultancy, have successfully used Watson® from Xanalys to crack down on bogus claims, netting significant savings for insurers.
The company initially adopted Watson in an effort to handle claim investigations more efficiently. But the dividends it has reaped have far exceeded expectations.
“We have been able to see previously unidentified clues which have opened up whole new areas of investigation,” said General Manager Bob Barnett. “We have already been able to save insurers tens of thousands of pounds.”
The company concurrently investigates hundreds of claims that are suspected to be fraudulent. Each claim can involve a wide range of characters, vehicles and locations. By using Watson to explore links among these elements, investigators can quickly zoom in on suspicious activity.
“I can see a time when this type of product will no longer be a useful acquisition but an absolute necessity,” Mr. Barnett said. “This product could revolutionize the company’s work, and the potential savings to insurers are colossal.”