[Video] Identifying and Reducing Life Insurance Fraud with Hannover Life Re of Australasia

In an earlier piece, we spoke with Amy Sworden, Head of Claims Operations at Hannover Life Re of Australasia (HLR Aus), on their collaboration with Fortiro to tackle fraud in Life Insurance.

In the below video, Amy explains how the collaboration evolved and some of the results achieved throughout the journey.

Amy Sworden: “My name is Amy Sworden and I’m the Head of Claims Operations at Hannover Life Re Australasia. As well as being one of the largest reinsurers in the world, we’re a direct life insurer in Australia, and my team assesses and pays claims for our direct life insurance customers.

Traditionally, in claims, we’re looking more for fraud in terms of whether someone told the truth about their health when they bought the policy, rather than scrutinising whether a document’s genuine or not.”

“Here at Hannover, we’re always looking for innovative solutions that can not only help our own business, but really add value to the industry as a whole. Learning about fraud through our partnership with Fortiro has really opened our eyes to a topic that our industry probably hasn’t paid much attention to in the past, and that we had just started to become aware of.

If we don’t get fraud detection right for our customers, that means that we might pay out fake claims, which ultimately means that our policies could become more expensive than they need to be. And for Hannover, every fake insurance claim we detect has a positive impact on our bottom line.

When deciding whether to choose Fortiro, we performed a test with a sample of our documents, and the results were very promising. The software was able to detect fraud on some documents we knew were fake, but also on others we had a suspicion about but hadn’t been able to prove. Fortiro was easy to integrate into our process, and also, we’ve been able to customise the rules to work for our specific business.

We now run all financial documents for claims through Fortiro Protect. We found a fraudulent claim in our first week of going live, which was a real surprise to us, but immediately gave us confidence in the software.

The Hannover Team have been excited to be involved in something completely new, and also encouraged by the fact that we’ve managed to stop a fraudulent claim. Hannover is proud to be the first life insurer in Australia, to be using Fortiro Protect, and excited to be working with Fortiro to benefit our industry.”

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