CHO appoints insurtech to develop new anti-fraud platform

The Credit Hire Organisation (CHO) has commissioned insurtech Percayso Inform to build a new anti-fraud platform for its members.

A statement released today (2 October 2023) said the move was being made to help counter fraud in the motor claims supply chain and fill a gap in the credit hire industry’s anti-fraud arsenal.

It came after data published by the ABI earlier this year (23 August 2023) showed some 42,500 motor scams were uncovered last year, representing 59% of total insurance claims fraud.

While there was no specific data for credit hire fraud, Anthony Hughes, chairman and chief executive of the CHO, said that scams was among members’ “biggest headaches”.

“Some of our larger members employ full time anti-fraud teams and there is a lot of voluntary, informal information sharing across the sector, but we do need a fully-functioning intelligence and data platform – and Percayso came up with a great option,” he added.

“There has been plenty of interest in the concept and we’re confident that many of our members will see the benefits of being a part of it.”

Availability 

The platform will be available from 12 October 2023.

Those who have signed up to use it will be able to use the technology to screen claims in order to manage and identify fraudulent activity.

Ian Lilley, head of partnerships at Percayso, said: “This is a great opportunity to work with the CHO and deliver a bespoke counter fraud platform for the credit hire sector.

“This project is an evolving platform that will grow with and respond to the collective needs of CHO subscribers, with potential for additional data sources and anti-fraud measures to be introduced from elsewhere in the motor insurance industry.”