The Challenge

Fraudulent claims were costing GlobalCover millions annually. Common challenges included:

• False claims for lost or stolen devices: Customers report losses for devices they still own or have already sold.

• Serial fraud: Fraudsters filing multiple claims for the same device across different insurers.

• Verification bottlenecks: A lack of efficient tools to validate device details, ownership, and status, resulting in time-consuming manual investigations.

Despite investing in traditional fraud detection methods, GlobalCover’s fraud prevention team struggled to keep up with increasingly sophisticated schemes.

The Solution

GlobalCover adopted ClaimsCheck to streamline their claims validation process and gain a competitive edge in fraud prevention. ClaimsCheck integrated seamlessly with GlobalCover’s claims handling system, providing real-time intelligence at the point of claim.

1. IMEI Validation: Ensuring that claimed devices matched the make and model.

2. Ownership Verification: Cross-referencing receipts and registration data from Immobilise.

3. Trade Monitoring: Detecting devices listed for sale prior to a reported loss or theft.

4. Cross-Insurer Intelligence: Flagging devices already linked to settled claims from other insurers.

5. Post-Claim Monitoring: Preventing fraudulent trading of devices post-settlement.

Despite investing in traditional fraud detection methods, GlobalCover’s fraud prevention team struggled to keep up with increasingly sophisticated schemes.