Charles Taylor, the provider of claims and technology solutions to all parties in the global insurance market, has entered into a partnership with Fraud Keeper (FK), acquiring a majority share of the company.
To read the Spanish version of the press release please click here.
FK is a cutting-edge SaaS platform based on automation and artificial intelligence that helps insurers detect, prevent and manage fraudulent transactions in real time. FK is based in Argentina and has a presence in Spain. The FK team, which has over 20 years’ experience in helping insurers in the fight against fraud, has rapidly built its client base and reputation in Latin America. The partnership with Charles Taylor will enable FK to bring its proven technology to new markets and client situations globally.
Fraudulent claims are a multibillion-dollar industry issue across the global insurance industry, and as insurers automate more of the claims lifecycle, the risk of losing money to fraudulent activity is increasing. FK’s automated fraud detection software triages, validates and fast-tracks genuine claims, with automated claims payment functionality to reduce the claims lifecycle. It uses machine learning to continually improve fraud detection and links to external data sources to gather additional insights. The technology can also support smart risk selection and churn prediction with new customers, as well as providing insights to insurers to up-sell and cross-sell relevant products to their existing customer base.
FK will be a valuable addition to Charles Taylor’s extensive suite of InsureTech tools and solutions, which already includes Authorities Governance, Distributed Data Management, Claims Management, Digital Distribution, Document Management, Process Management and Broking Platforms. In addition, FK complements Charles Taylor’s global counter fraud strategy, its Specialist Investigation Services investigations division, and the recent acquisition of Contego Investigative Services in January 2022.
Lautaro Mon, Chief Product Officer, Charles Taylor InsureTech, said: “This is a significant step in our strategy to invest in innovation that helps our insurer clients compete in today’s fast-moving market. The Fraud Keeper technology, combined with our own market-leading suite of products, will be a game-changer for insurers in the fight against fraud. We believe that AI will play a key role in the future of insurance and will be a pillar of our March product launch event.”
Bobby Gracey, Group Head of Fraud, Charles Taylor, said: “Fraud Keeper’s technology will enable us to further enhance Charles Taylor’s counter fraud ecosystem and help our clients better manage their claims expenses and loss ratios. When automated fraud detection is utilised in conjunction with Charles Taylor’s investigative capabilities, it can provide clients with a complete solution to fraud prevention, detection and investigation.”
Daniel Gabas, Chief Executive Officer, Fraud Keeper, said: “We are delighted to be working with Charles Taylor and this new partnership will enable us to scale the business globally. Our proven technology, combined with Charles Taylor’s products and services, will enable us to offer our clients true end-to-end solutions. We look forward to leveraging Charles Taylor’s technology and expertise in the insurance sector to create a world-class proposition for clients.”