IntellectEU earlier won the B3i & R3 Insurtech Global Challenge with KPMG helping them along the way with business and industry insights. The international jury found the proposed solution of ClaimShare most innovative and relevant for the insurance industry amid the large number of global entries.
Tuesday, 2 March 2021 – IntellectEU and KPMG present the highly anticipated fraud detection platform ClaimShare during Microsoft Ignite, highlighting their collaboration in the digital finance and insurance space.
Insurtech is hotter than ever with insurers increasingly looking to innovate and partner with technology and consulting companies to rethink and strengthen their business. One of the latest insurtech platforms in the spotlight is the ClaimShare application which leverages blockchain technology and confidential computing to fight fraud in the insurance industry. Following IntellectEU’s win of the global Corda Challenge Insurtech 2020 by B3i and R3, IntellectEU and KPMG were invited by Intel to present the ClaimShare platform during Microsoft's Ignite 2021 event, taking place from 2 to 4 March.
ClaimShare enables the detection and prevention of duplicate payouts for the same insured event while maintaining the privacy of the business’ and client’s data. Until recently, no technology existed that could address this challenge. ClaimShare combines R3’s blockchain platform, Corda, and its confidential computing platform, Conclave, which uses Intel ® SGX. The solution is deployed on Microsoft Azure confidential computing virtual machines and R3’s Corda blockchain technologies. Confidential computing enables multiple insurance companies to combine and compare claim data within a “black box,” so that each company can’t access the datasets, however can get insights on which claims could be duplicate.
During the digital event, R3’s CTO Richard Gendal Brown explained how R3 recently released their long-awaited Conclave SDK in February 2021, drastically improving the developer experience when working with confidential computing. ClaimShare is one of the very first applications to use R3’s Conclave SDK.
It is estimated that detected and undetected fraud make up between 5% to10% of insurers' total claim payouts. This costs the industry several billion dollars each year, which will inevitably lead to higher household insurance cost. "Double-dipping fraud is a key contributor to the fraud cost across the insurance sector, while at the same time, due to inherent data and technological limitations, a systematic detection of this fraud typology has remained largely unviable", said Kami Zargar, the Head of Forensic at KPMG in Belgium. “Solutions to detect/prevent fraud will not only lead to cost savings across the sector, but will also enhance trust in the sector and reduce household insurance cost”.
Chaim Finizola, ClaimShare Director at IntellectEU, is excited to partner with KPMG to bring the solution to market. During the Ignite event, he presented the solution and the next steps for the platform and the partnership. “With KPMG’s anti-fraud expertise, legal and compliance consulting and insurance network, we believe we’ve found the ideal partner, complementing each other on every level. We can’t wait to onboard insurers to the ClaimShare platform over the next months and showcase our results”.
“ClaimShare is a prime example of how confidential computing and blockchain technology together can prove a powerful force in enabling a new era of privacy through data sharing”, Richard Gendal Brown, CTO of R3 says. “The problem of duplicate payouts is a longstanding issue across the insurance sector, which is ripe for transformation. Our Conclave and Corda platforms are ideally suited to bring this about. We look forward to seeing ClaimShare pave the way in mitigating fraud across the insurance sector.”
For more information about the ClaimShare platform, don’t hesitate to reach out to email@example.com or go to claimshare.intellecteu.com
For more information about Conclave go to conclave.net
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