Banking, Insurance and Medical Fraud have reached epic proportions throughout the world. According to a recent article on News24, Insurance fraud amounted to over 1 Billion rand in SA in 2017. This is a recovered amount; the amount undetected is almost certainly higher. At the end of December 2016, Bonitas had identified R79m, in Fraud. On 19 January 2018, Times Live published that “Discovery uncovers more than R500m in fraud – but worries that so much more goes undiscovered.” “Approximately 3-4% of the R160 billion medical industry is pure fraud”, Sanlam. “It is estimated that as much at 32% of all claims submitted in any year are fraudulent.” It is reported that “fraudulent insurance claims, estimated to cost the industry billions of Rands”.
Fraud is a real problem.
We offer a real solution.
We are delighted to release Themis, our AI, data-driven response to Fraud Management. We have within weeks of its release, proven the value that this transformational product holds, through several Proofs of Value conducted from South Africa to Singapore, where we offer Fraud Identification and Case Management, on the back of 300+ typologies, pre-packaged in our offering. We expected great things from Themis – but the market’s response to Themis exceeds even what we imagined and hoped.
Our solution offers:
– Fraud management
– Quality assurance
– Full management dashboards and reporting
– Customer due diligence, and
– Enhanced due diligence.
Themis is compliant with:
– BASL239, King, POPI, and GDPR.
At the writing of this blog, we have identified an aggregate of close on R200m of fraud across several insurance and medical insurance companies.
Watch this space!