QBE North America’s DETECTsystem FDS has been selected as a Claim Innovation honoree for PropertyCasualty360’s Insurance Luminaries recognition.
NEW YORK, Oct. 3, 2023 /PRNewswire/ — QBE North America’s DETECTsystem FDS has been named to PropertyCasualty360’s Insurance Luminaries Class of 2023 in the category of Claims Innovation.
This recognition celebrates innovation in property and casualty insurance. The program spotlights top professionals, teams, organizations, programs, practices and products within the sector that strive to modernize and humanize the business. The 2023 honorees were selected by a panel of industry experts based on how well they stated and achieved goals with regard to the nomination category; how impactful their work has been; how dedicated the nominee has been to furthering modernization and humanization in the P&C insurance business; and how committed and dedicated the nominee has been to high ethical standards, service and excellence.
“Today’s top insurance organizations recognize the industry’s history and purpose while embodying contemporary processes and services,” says NU Property & Casualty Executive Editor Elana Ashanti Jefferson. “My colleagues and I are thrilled to be able to recognize pace-setting insurance organizations, programs, practices, teams and individuals as part of the annual NU PropertyCasualty360 Luminaries recognition program.”
Fraud in the claims space is a growing threat and as technology advances, methods to file fraudulent claims become more sophisticated and more difficult to detect. According to the Fraud Detection System (FDS) leadership team, QBE North America is the first insurance company in the United States to fully integrate the DETECTsystem fraud detection software, which utilizes metadata and Internet search capabilities.
QBE adopted the FDS, AI-powered tools that can catch even the most sophisticated manipulations of documents in as little as five seconds. FDS mitigates risk of fraud by automatically analyzing inbound materials and flagging indications of fraud in documents and photos, using over 100 detection points when analyzing document metadata and by conducting a web history search.
“QBE’s partnership with FDS is a trailblazing movement in combatting insurance fraud,” says Brian Wilson, VP Special Investigations Unit at QBE. “We’re grateful to our partners at FDS who have created a product that benefits, not only our own policyholders, but the insurance industry as a whole.”
Greg Blaska, Deputy Chief Claims & Risk Solutions Officer at QBE adds, “Since QBE integrated DETECTsystem FDS into our claims processes, 18% of property fraud detection and 16% of total fraud loss avoidance can been attributed to the use of the tool, which are substantial figures considering the size of the property product lines of business involved and contributing to that result.”
About QBE North America
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in the first half of 2023 of $5 billion. QBE Insurance Group’s results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn and Facebook.
About the PropertyCasualty360 Insurance Luminaries Awards
PropertyCasualty360’s Insurance Luminaries celebrates innovation within the property and casualty insurance industry. The recognition aims to highlight top professionals, teams, organizations, programs, practices and products that are modernizing and humanizing the industry. The honorees are selected based on achievements across the five key areas of claims innovation, coverage innovation, risk management innovation, technology innovation, and workplace culture innovation. This recognition is presented by NU Property & Casualty magazine and PropertyCasualty360.com, leading P&C insurance industry news and events outlets that are part of ALM, a global information, data, intelligence and content company with reporters and editors worldwide.
SOURCE QBE North America