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Württembergische Insurance Group embraces RiskShield to optimize their claim handling

24 July 2013 Württembergische Insurance Group embraces RiskShield to optimize their claim handling

The company Württembergische Insurance Group, part of Wüstenrot & Württembergische (W&W) and one of the largest German financial service providers, is using RiskShield software to identify insurance claims suspected of being fraudulent. The system uses fuzzy logic to imitate human reasoning and has also been configured to take considerably more fraud indicators into account than traditional fraud prevention programs. The result is an automated fraud detection system that can save a company millions in the auto insurance segment alone.

 

Prior to implementing RiskShield, the claims handling department had to manually conduct checks on every single claim. To get a full picture of a claim the claims handler would have had to check background details and historical information as well as use of checklists. Information like payment behavior, contract information and previous claims are often available in different systems and resources, a manual check would have been very time consuming and was thus not conducted on a regular basis. Therefore a large amount of potentially fraudulent claims stayed under the radar, undetected.

 

“We used INFORM’s RiskShield to optimize the claim handling process significantly by automating the risk scoring process."

Wolfgang Schwehla, Head of SIU Motor at Württembergische

 

"The software was able to automatically and accurately check available information sources such as contract information, claim details, historical data, customer profiles, previous risk scores and other resources in milliseconds, and calculate a risk score to detect any suspicious activity."

Read the full case study and find out how Württembergische has managed to optimize their insurance claim process with RiskShield. Please download a copy of the case study at our resource center.

 

About Wurttembergische

 

Württembergische Insurance Group, headquartered in Stuttgart, Germany is a commercial and personal insurance service with almost 3 million customers in Germany. The company Württembergische Insurance Group, part of Wüstenrot & Württembergische (W&W) and one of the largest German financial services providers, is using RiskShield software to identify insurance claims suspected of being fraudulent. The system uses fuzzy logic to imitate human reasoning and has also been configured to take considerably more fraud indicators into account than traditional fraud prevention programs. The result is an automated fraud detection system that can save a company millions in the auto insurance segment alone.