AXA is in talks with Aquilo over NCORP fraud detection software
AXA is to examine the possibility of using NCORP's neural fraud detection software as part of its counter-fraud strategy.
The NCORP software works by learning the behavioural patterns of fraudsters and uses the information to analyse claims and call data to identify similar patterns, which may indicate an attempted fraud.
Last month, AXA announced the results of a pilot of VFM's conversation management anti-fraud technique carried out on household claims.
During the trial, around 45% of claims were not paid after claimants were screened using the VFM system.
AXA claims director David Williams said: "We have been doing a [VFM] pilot on household and it is proving very successful."
"We are now looking at rolling out the pilot and we are considering how to fine-tune the process."
Williams added that though AXA had "not seen the detail" of the NCORP product, representatives from the insurer were due to meet Aquilo, NCORP's strategic alliance partner, to discuss the NCORP offering.
Aquilo chief executive Clive Nicholls said: "Neural software has the potential to be industry changing."
"The claims handler takes details and enters the details on to the screen while the software runs in the background. [The software] learns as it goes, it looks for patterns and identifies high risk and low risk claims.
"The key is neural - the more data, the more real-time analysis you are getting."
During AXA's VFM pilot, just under 1,000 household accidental damage claims were assessed using conversation management techniques.
Over 33% of claimants withdrew their claim, nearly 7% of claims were not pursued, while over 5% of the claims were repudiated.
