One of the biggest types of insurance fraud is double-dipping, where a claimant gets multiple insurers to pay out for the same incident. KPMG estimates that fraud makes up 5%-10% of insurer payouts. It’s a tricky one for insurers because they’re usually unaware that other insurers have also paid out. Until now.
IntellectEU developed the ClaimShare solution that uses enterprise blockchain R3 Corda. It also leverages R3’s new software technology Conclave, which is the secret sauce here. Conclave enables confidential computing, which means that insurers CAN share details about claims without the other insurer seeing them.
How does that work? Oversimplifying the process, multiple insurers can share their encrypted claim data through Conclave, which uses secure hardware to act as a black box. Nobody can see what’s inside it, but Conclave runs code that compares claims across insurers to see whether there’s been another one for the same car or house. If there have been multiple claims, it can automatically flag the claim as a fraud attempt.
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