pfsINSURANCE and Web-IQ improve claim fraud detection in Spain

To help Spanish insurance companies in preventing and detecting fraud, pfsINSURANCE (part of the pfsGROUP) and Web-IQ Business have formed a partnership where the Internet Risk Engines of Web-IQ are added to the portfolio of solutions from pfsINSURANCE and integrated with their Zero Back Office product.

Each accident claim form, a handwritten document, is transformed into a standardised format allowing us to understand the content, check details, structure, and the claim’s qualifications. Subsequently, the information will be enriched with a search and analysis of public data, social media connections, adverse news, digital footprints, and other relevant public information which is available online.

This solution is offered by pfsINSURANCE to insurers as a functional part of its Zero Back Office architecture. This additional information is a key criteria of successful fraud detection processes.

When a possible fraud is detected, the solution allows the insurance company to act accordingly by streamlining the process and managing an impact to the policyholders thereby avoiding paying invalid claims. These tasks can be extended to other processes where this type of analysis is required.

pfsINSURANCE positions itself to continually add value to the insurance sector by covering its security needs and by resolving complex technological challenges typical of the insurance business.