BLM has launched a game-changing new fraud insight tool called ‘Fraud Edge’. The new tool provides significantly greater levels of insight and intelligence on suspected fraudulent activity. The user will have access to market leading insight allowing them to focus their claims investigation strategy with this information, adding value to the fraud identification and investigation process.
A key feature of ‘Fraud Edge’, which is the newest addition to the firm’s suite of tools in its ‘Innovations’ offering, is the full spectrum of previous claims and fraud data it makes available to clients; a claimant who has previously been involved in a suspected motor injury fraud may not necessarily raise suspicion with a different insurer handling a holiday sickness claim. ‘Fraud Edge’ will highlight the potential issue and provide a detailed analysis of the track record of the claimant law firm and medical practice involved, the number of previous related cases involving either, associated contacts/companies and the outcomes.
It’s anticipated that this new level of insight will enhance fraud detection and investigation strategies, reduce costs for insurers and insureds, and ultimately deter those tempted to embellish or falsify claims.
Ben FitzHugh, BLM’s Director of Intelligence said:
"Fraud Edge has been designed to help clients with their strategic approach to fraud claims management by giving them the information they need to make the most informed decisions possible when it comes to a suspected fraudulent claim. It provides significant and new levels of insight on previous claims outcomes, ranging from detailed reports on every company a claimant law firm has instructed, down to the suspected ‘phantom passengers’ in motor claims."
"We believe this is a major step forward for the industry in tackling fraudulent claims, which will ultimately benefit both insurers and genuine claimants alike.”
Sarah Hill, partner and head of fraud added, “We are incredibly excited to be launching this new fraud insight tool, adding value to the detection and investigation of fraudulent activity. Clients that have already had access to Fraud Edge are reporting the benefits that this insight provides to their claims fraud handling strategies.”