Likewize turns to AI tools to tackle fraudulent device claims

The tool produces a score that allows Likewize to decide whether to accept, reject or continue to investigate a claim

Likewize is using artificial intelligence (AI) developed by Synectics Solutions to help customers avoid the costs of fraudulent claims and ensure real claims are settled quicker.

Data insight specialist Synectics Solutions will provide its service Precision, a cloud-based, predictive analytics tool that rapidly investigates claims that pose risks and see patterns that may otherwise be missed.

Data is matched with National SIRA, the UK’s largest syndicated database of cross-sector customer risk intelligence as well as other data sources and machine-learning techniques.

Synectics Solutions has a database of a third of a billion records to help tackle organised financial crime, money laundering, and resolve customer ID matters. 

Likewize European VP Gerry O’Keefe said: “Our clients rely on us to deliver fast resolutions for their policy holders. 

“They also do not want to be paying for ineligible claims and sadly, tech policy fraud is a growing issue. 

“We are able to use real intelligence to quickly and accurately identify legitimate claims which we resolve at speed and then identify the cases where the data predicts there is fraud risk.”