Netfoil is our unique intelligence database. It has developed into one of the largest linked relational databases in Europe, containing detailed records of over 40 million claims. Using advanced data-mining techniques Netfoil enables our intelligence unit to identify, manage and evidence fraud.
Fraud in motor insurance is prevalent and costly. Staged burnouts and thefts, staged third party accidents, bogus passenger claims, fictitious hire charges, repair estimates and storage charges are unfortunately commonplace.
Increasingly, insurers are faced with organised fraud rings the true extent of which can only be identified and countered with an expertise that encapsulates all relevant disciplines.
The insurance industry increasingly utilises data capture and mining tools to facilitate the fight against fraud. We have advanced our Netfoil database, which runs in conjunction with an IT intelligence software package. NetFoil has been developed so that it continues to evolve and expand (in compliance with the Data Protection Act) and at the present time runs to millions of entries.
The methodology and data capture are unique in the field of investigations and our ability to capture intelligence provides a rapid screening of claims activity at the point of a claim. This method of intelligence capture also has the obvious benefit of screening new business at the front-end.
Netfoil is a ‘Claims Screening Application’ built using Microsoft Technology.
Background
Government produced figures show that fraud costs the industry around £14 billion every year. This equates to £245 for every person in the UK.
Personal injury (PI) fraud is estimated to cost insurers in the region of £4 Billion every year. This equates to roughly £75.00 per person in the UK.
Association of British Insurers figures show that somewhere between 15% and 35% of all claims are either fraudulent in their entirety (staged/contrived accidents, paper based or completely fictitious) or inflated to benefit the claimant. The average cost of a two vehicle RTA with PI attached again is estimated to cost the insurer somewhere in the region of £15,000 per claim.
Preventative Measures
Netfoil provides access to front-end underwriting/screening data from across many claims sectors combining previously unconnected sources of intelligence data. Furthermore, additional benefits can be realised, where cause for concern is raised, such as identifying previously hidden aspects relating to companies and persons behind a claim. This enables you to risk assess a claim, where you have cause for concern, at an early stage in the life of a potentially fraudulent claim.
Netfoil back-end additionally holds previous claims activity, pertinent to all aspects of claims activity. It is additionally capable of highlighting historic linked claims activity providing a unique intelligence overview.
Purpose
The application is designed to be used as a risk assessment indicator of claims data in respect of claims activity at specific addresses. The screening database will highlight addresses connected to various aspects of an injury claim and vehicles that have been subject of a collision and have sustained damage.
Netfoil will afford screening intelligence with the added value of when & where a high risk claim is flagged. You will have the added knowledge that you are now, for the first time, in a position to receive a full range of intelligence reports. This will afford you with the opportunity to risk assess a claim and decide on the format and direction that any subsequent enquiries will take.
Summary
As highlighted in this user guide, fraud leakage is extremely costly as a whole. The interrogation of Netfoil will enhance the flagging of high-risk individuals/claims and vehicles at the point of inception and add intelligence at the point of claim. This has obvious benefits in terms of audit, safeguarding profits and will enhance shareholder dividend returns.
Netfoil has wide reaching benefits at all levels of business for those who have access to this innovative claims screening product.
This method is not barred by the DPA. The Act itself will provide all participants with secure access to front and back-end screening data held within the system.
This will afford you with a unique claims risk assessment tool for the purpose of assisting in the evaluation of claims that have caused concern and are considered to be of high risk.
A detailed fee structure covering the full range of services and reports we offer are available on request.
