Insurance
DetectX® is deployed by insurers against claims fraud and money laundering, and across the policy lifecycle from product design to claims handling and retention.
The DetectX® approach in insurance
Insurance regulation asks for several things at once: fair treatment of customers, anti-money laundering, sanctions compliance, risk management, and financial reporting and disclosure. Meeting those with separate point solutions means reconciling them.
The same platform reads the transactional and behavioural data behind all of it, so a claims fraud signal, a sanctions match and a retention risk on one policyholder are visible together rather than in three systems.
- Claims fraud
- Anomalies and patterns in claims, detected as they arrive.
- Anti-money laundering
- Monitoring and screening against the same lists as banking.
- Sanctions compliance
- Policyholders and counterparties screened.
- Retention
- Behavioural signals that a customer is likely to leave.
- Reporting
- Disclosure and financial reporting from the data already held.
Key benefits and impact
Claims fraud caught during handling rather than after settlement is the difference between a declined claim and a recovery attempt, and the rules that catch it are maintained by the compliance team rather than through a development cycle.
The same behavioural analysis identifies policyholders likely to leave, so the data an insurer is required to hold for compliance also supports retention and product matching.
Why DetectX®
One platform across the policy lifecycle means the customer view behind a claims decision is the same one behind a sanctions check and a retention score. Separate systems each hold their own version, and the versions diverge.
Audit runs across detection, decision and notification, which is what makes a fair-treatment or an anti-money-laundering position defensible to a regulator after the fact.
Regulatory requirements
DetectX® supports the FATF and GAFI recommendations, and is used against Swiss regulatory requirements including GwG, FINMA-GwV, VsB 16, KAG, FinfraG, FidleG, BEHG and KKG.
It also supports MiFID and EMIR reporting obligations, and BASEL II and III requirements.
See Insurance on your own data
A demo runs against a scenario you choose, so the alert volume and the match quality are yours rather than ours.
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