Intelligent CIO LATAM Issue 10 - Page 68

INTELLIGENT BRANDS // Enterprise Security

Charles Taylor joins the AI battle against fraud by investing in cutting-edge insurtech

Charles Taylor has acquired a majority share of Argentinabased Fraud Keeper .

Charles Taylor , the provider of claims and technology solutions to all parties in the global insurance market , has entered into a partnership with Fraud Keeper ( FK ), acquiring a majority share of the company .

FK is a cutting-edge SaaS platform based on automation and Artificial Intelligence that helps insurers detect , prevent and manage fraudulent transactions in real time . FK is based in Argentina and has a presence in Spain .
The FK team , which has over 20 years ’ experience in helping insurers in the fight against fraud , has rapidly built its client base and reputation in Latin America . The partnership with Charles Taylor will enable FK to bring its proven technology to new markets and client situations globally .
FK will be a valuable addition to Charles Taylor ’ s extensive suite of InsureTech tools and solutions , which already includes Authorities Governance , Distributed Data Management , Claims Management , Digital Distribution , Document Management , Process Management and Broking Platforms .
In addition , FK complements Charles Taylor ’ s global counter fraud strategy , its Specialist Investigation Services investigations division , and the acquisition of Contego Investigative Services in January 2022 .
Lautaro Mon , Chief Product Officer , Charles Taylor InsureTech , said : “ This is a significant step in our strategy to invest in innovation that helps our insurer clients compete in today ’ s fast-moving market .
“ The Fraud Keeper technology , combined with our own market-leading suite of products , will be a game-changer for insurers in the fight against fraud . We believe that AI will play a key role in the future of insurance .”
Bobby Gracey , Group Head of Fraud , Charles Taylor , said : “ Fraud Keeper ’ s technology will enable us to further enhance Charles Taylor ’ s counter fraud ecosystem and help our clients better manage their claims expenses and loss ratios .
“ When automated fraud detection is utilized in conjunction with Charles Taylor ’ s investigative capabilities , it can provide clients with a complete solution to fraud prevention , detection and investigation .”
Daniel Gabas , Chief Executive Officer , Fraud Keeper , said : “ We are delighted to be working with Charles Taylor and this new partnership will enable us to scale the business globally . Our proven technology , combined with Charles Taylor ’ s products and services , will enable us to offer our clients true end-to-end solutions . We look forward to leveraging Charles Taylor ’ s technology and expertise in the insurance sector to create a world-class proposition for clients .” p
Fraudulent claims are a multibillion-dollar industry issue across the global insurance industry , and as insurers automate more of the claims lifecycle , the risk of losing money to fraudulent activity is increasing .
FK ’ s automated fraud detection software triages , validates and fast-tracks genuine claims , with automated claims payment functionality to reduce the claims lifecycle . It uses Machine Learning to continually improve fraud detection and links to external data sources to gather additional insights .
The technology can also support smart risk selection and churn prediction with new customers , as well as providing insights to insurers to up-sell and cross-sell relevant products to their existing customer base .
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