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CARPROOF Launches a Game-Changing Fraud Screening Tool for Vehicle Insurance

LONDON, ON, Jan. 23, 2013 - Three years ago, CARPROOF began working with i2iQ and 10 participating insurers to develop a unique tool to assist claims departments in identifying potential fraud activity during the claims adjusting process. The result of all this effort is the launch of eSmartClaims (“eSmart”) which CARPROOF is introducing in January 2013.

eSmart is a real-time screening tool that electronically accesses multiple data sources to collect fraud-sensitive key indicators taken from the claims history of the insured and the vehicle. This data is processed through a rules-based engine to flag if the insured has a high probability of being fraudulent with a claim. If the insured fails the eSmart test, the insurer is immediately notified electronically prior to authorizing the repair work.

One major benefit to insurers is that eSmart will not disrupt the claims workflow and in most cases will not require any IT changes within the insurer's claims processing system. eSmart is triggered by the assignment the insurer sends to the repair shop. eSmart has been fine-tuned resulting in alerts being forwarded to the insurer for 3-5 per cent of claims.

This tool has been designed as a real-time solution for identifying potentially fraudulent claims as they are processed and is complementary to other industry fraud detection initiatives, which use predictive modeling techniques to identify organized (cross-insurer) fraud rings.

The results of the proof of concept studies and cost/benefit analysis are eye-opening and readily available. Claims departments can contact CARPROOF to subscribe to a no-obligation trial or to register for an upcoming eSmart focus group session.




About CARPROOF

CARPROOF, a unit of IHS Markit (Nasdaq: INFO), is a world-class data company that creates insight through information for the automotive industry. Offering solutions in vehicle history, appraisal, valuation and more, the CARPROOF name is synonymous with trusted, impartial and comprehensive used vehicle data. CARPROOF’s products are used by dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies across Canada, to help users buy, sell and appraise vehicles with full transparency. Based in London, Ontario and founded in 2000, CARPROOF has been named one of Canada’s 50 Best Managed Companies, and was also honoured with Deloitte’s 2013 Technology Fast 50™ and Fast 500™ awards. For more information about CARPROOF, visit www.carproof.com.


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For further information:
Joe Varkey
Vice-President, Marketing
CARPROOF®
1.866.835.8612 ext. 4142
joe@carproof.com

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