Harleysville Insurance, a provider of property/casualty insurance, has increased the use of Magnify’s FraudScreen™ service to more efficiently identify suspect and fraudulent workers’ compensation claims.
Chicago-based Magnify, a provider of advanced predictive analytics which financial services and e-commerce companies use, earlier in the year agreed to a multi-year contract with Harleysville, including publicly held Harleysville Group Inc. to use FraudScreen to target questionable auto and property claims.
According to industry data, fraud accounts amount to about 10 percent of all property /casualty claims payments, still investigation and referral rates are normally less than one percent.
As part of the validation process, the SIU team from Harleysville manually studied hundreds of automobile and property claims which FraudScreen registered as having a “very high” percentage of being fraudulent. In all the cases, FraudScreen accurately pointed out claims which had been sent to SIU, as well as a large number of those which had not been previously identified.
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