The Insurance coverage Council of Australia (ICA) is collaborating with Shift Know-how and EXL to determine a brand new insurance coverage fraud detection platform.
The initiative will make it doable for insurers throughout the nation to share knowledge on fraudulent claims and coordinate investigations, starting with automotive insurance coverage as the primary space of focus.
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This platform can be developed in partnership with the Insurance coverage Crime Intelligence Community of Australia (ICINA), ICA’s counter-fraud and scams division.
It can help safe sharing of details about fraud patterns amongst collaborating insurers.
Work on the platform is anticipated to start out in early 2026 by utilizing knowledge analytics to alert investigators in actual time if suspicious exercise is detected.
The system will enable insurers to work collectively on circumstances involving organised insurance coverage fraud and tackle fraudulent exercise by repeat offenders.
Comparable methods utilizing Shift Know-how are already in use by insurance coverage associations in a number of international locations together with the UK, Canada, France, Hong Kong and Singapore.
Privateness, safety and governance measures kind a central a part of this programme, the joint press launch stated.
Knowledge shared between insurers will use privacy-focused strategies, strict role-based entry controls and end-to-end encryption.
A governance framework will oversee operation of the platform, with authorized supervision and technical controls designed to adjust to Australian regulatory necessities and related certifications.
ICINA CEO Andrew Gill stated: “The insurance coverage business has fought fraud for many years, however fraudsters have tailored to our digital transformation. In the present day’s organised networks exploit on-line providers with growing sophistication, driving up prices for trustworthy prospects.
“In the present day’s announcement is the business’s most complete response to fraud. By connecting insurers via safe, real-time intelligence sharing, we’re creating an early warning system that identifies fraudulent patterns throughout all the market – stopping criminals earlier than claims are paid.”
