Charles Taylor has partnered with the AI-driven insurtech platform to bring greater protection to its products and service
Charles Taylor, a global provider of insurance market experience, technical tools, and solutions, has partnered with Fraud Keeper (FK), acquiring a majority stake in the company.
FK is a cutting-edge SaaS platform that uses automation and artificial intelligence to assist insurers in detecting, preventing, and managing fraudulent transactions in real time.
FK has more than 20 years of experience aiding insurers against fraud. It is based in Argentina and has a presence in Spain. The insurtech has quickly built a strong client base and a solid reputation in the Latin American industry.
Fraudulent claims in the insurance industry
The prevalence of false claims in the insurance industry has cost the industry billions of dollars around the world. To fight the problem, however, an increasing number of businesses are turning to AI-driven solutions.
Indeed, as insurers automate more aspects of the claims process, the danger of losing money due to fraud grows. Genuine claims, on the other hand, are triaged, validated, and fast-tracked by FK’s automated fraud detection software, which also includes automated claims payment functionality to shorten the claims lifecycle.
Machine learning (ML) is used to improve fraud detection over time, and linkages to external data sources are used to obtain extra information. The technology can also help insurers up-sell and cross-sell appropriate goods to their existing client base, as well as support smart risk selection and churn prediction with new consumers.
An anti-fraud suite of tools for Charles Taylor
FK is expected to be a valuable addition to Charles Taylor’s already large array of insurtech tools and solutions, according to sources. Distributed Data Management, Claims Management, Digital Distribution, Broking Platforms, Document Management, Process Management, and Authorities Governance are among the company’s current products.
FK also collaborates with Charles Taylor’s global anti-fraud strategy, Specialist Investigation Services investigations division, and Contego Investigative Services’ January 2022 acquisition.