Tower Pinpoints Fraud To Enable Faster Claims With New AI Partnership
Oct 5, 2021
Tower is set to further automate the process of detecting genuine and suspicious claims in real time, to allow for a faster process for customers in need. The automated system is made possible through Tower's international partnership us.
"Technology and data are at the forefront of our strategy to innovate the insurance industry and help our customers better with simple and rewarding experiences," says Tower's Chief Executive Officer Blair Turnbull. "FRISS is the world's most widely implemented risk mitigation solution that features powerful AI techniques such as predictive models, network analysis and text mining. By separating claims with low risk of fraud on a fast track, it will standardise and further speed up claims screening at greater accuracy."
According to the Insurance Fraud Bureau of New Zealand, about 10 percent of the casualty insurance industry's losses can be attributable to false positive claims. This ranges wide, from adding extra items to claims forms to deliberately staging accidents, which all leads to increases in premiums for other insurance customers. "Tower is dedicated to helping Kiwis prepare for the unexpected. So, it falls on to us to ensure we have the most efficient system in place to reduce unnecessary costs and improve customer experiences," says Turnbull.
Tower will begin implementing the FRISS solution to its claims process in the coming months. "We're excited to support Tower's digital journey to strengthen its customer focused services with our AI-driven solutions," says FRISS VP Asia Pacific Ariane Braam-Verkoren. "The real-time FRISS solution provides a unique combination of out-of-the-box risk and fraud indicators with powerful AI techniques such as predictive models, network analysis and text mining. This will significantly strengthen Tower's ability to digitise its processes safely. The partnership also fits well for FRISS in our strategy to expand our support for honest insurance, and we're anxious to see what great results it will bring in the near future."
About Tower Insurance Born and bred in New Zealand, Tower has been supporting Kiwis when they need it most for 150 years. In that time, we've grown to operate across New Zealand and the Pacific Islands, providing our customers with cover for their houses, cars, contents, businesses and more. While our heritage is important to us, we've also set our sights on the future. Our goal is to meet the 21st century head-on with customer focussed, digital-first insurance solutions for Kiwis and their communities. www.tower.co.nz