Globally, it is estimated that around 10% of all auto insurance claims are fraudulent. In order to address this growing issue, many insurance companies are opting for a collaborative approach to keep fraudsters out. The PARALLAXperspective offers an industry-wide solution through an independent and centralized insurance database and fraud detection services.
With our anti-fraud solution, claims data is analyzed against multiple data points and rules, including historic data and that of other participating members, to identify patterns indicative of fraud. Member companies only have access to their own data, but receive a risk notification for their existing claims based on records from the centralized database. This allows participating auto insurers to benefit from industry-wide data, without compromising the privacy of their own data. By working together, auto insurers can safeguard the industry from losses perpetrated by fraudsters targeting multiple companies within the network.