Customer story

Signal Iduna

Replacing homegrown fraud software with a ready-to-use business solution, which directly filters out fraud suspicious claims within the core processes

Signal Iduna is one of the largest insurers in Germany. The company serves all lines of business and offers additional financial services, but non-life insurance comprehends the largest and core part of its processes. The insurer employs 12.500 people and gross written premium (GWP) totals over 5.5 billion euros. The company operates through an exclusive organization of independent agents.

In 2001, Signal Iduna worked together with Gen Re to develop a software solution that was able to automatically filter out suspicious claims. After almost 15 years, this ISP (Intelligente Schaden Prüfung) had outdated and Signal Iduna recognized the need for new, more sophisticated solution.

“We were looking for a technical support system that is able to analyze claims during an automated process, and determine fraud suspicious cases which can then be assessed manually by one of our colleagues.”

Signal Iduna processes 450.000 claims per year. Andreas Frentrup, Head of Claims explains: “In my department all the special and large claims are handled, including personal claims, property claims, processes and fraud cases”. Fraud investigators should therefore be able to focus their efforts on just those claims that are relevant to look into, resulting in more effective fraud management and an improved loss ratio.

“In the process of fraud detection, it is important to filter out just the suspicious claims.”

Eventually, Signal Iduna concluded that a homegrown solution would not be able to deliver the desired quality and decided to scan the market for an expert platform.

“We conducted thorough market research, and eventually the supplier that was most suitable to offer us a solution.”





Download PDF




Get a Demo

Discover the added value of our AI-powered fraud detection solutions. Book your demo now.

Subscribe

Awesome that you are interested in our free content. You can expect a lot of cool & interesting downloads, press releases, blogs and more!