Japan’s largest insurance group believes it detects suspected fraudulent claims with industry-leading accuracy
San Francisco, CA and Tokyo (GLOBE NEWSWIRE) - Metromile Enterprise, the cloud-based technology platform used by global property and casualty insurers to automate insurance claims, today announced Tokio Marine Group is now using the artificial intelligence fraud-detection product Metromile DETECT across its property and casualty lines of business in Japan. By deploying Metromile DETECT, Tokio Marine believes it has succeeded in detecting suspected fraudulent claims with higher accuracy than leading U.S. insurers.
“We are proud to expand our partnership with Tokio Marine and work together to reduce insurance fraud and other instances of loss to bad actors. Metromile Enterprise’s technology provides Tokio Marine with richer context and more sophisticated claims segmentation so that they can catch more fraud, more accurately and cost-effectively,” said Metromile CEO Dan Preston.
Tokio Marine, the largest insurance group in Japan, licensed Metromile Enterprise’s no-code claims platform to improve the efficiency of its claims department and claims service. Tokio Marine analyzed claims payment and accident data with Metromile DETECT to detect fraudulent claims earlier and identify legitimate claims to be paid promptly with higher accuracy.
“By combining artificial intelligence and the specialized know-how of our claims professionals, we can detect fraudulent claims more accurately and efficiently. Metromile DETECT helps our team respond to each case with a greater sense of urgency and further improve the quality of our claims service,” said Tokio Marine Group Section Head Atsushi Wada.
Tokio Marine integrated Metromile DETECT with its existing claims infrastructure in less than four months, much faster than the typical six months to more than a year insurance carriers take to implement a new digital initiative.
In its first month of deployment, Metromile DETECT equipped Tokio Marine with the ability to check all new claims for fraud, increasing customer and employee satisfaction with faster claims resolution. Metromile Enterprise’s artificial intelligence scans claims in seconds and routes claims to the appropriate divisions, building a feedback loop with an insurer’s investigative experts.
“As much as 40% of property and casualty claims have some element of fraud. Metromile Enterprise empowers insurers to use modern machine learning models to catch more fraud than computerized rules-based approaches or human detection,” said Metromile Enterprise General Manager Amrish Singh. “We believe artificial intelligence like Metromile DETECT gives claims departments the best chance of staying up to date with the latest fraud schemes.”
Metromile DETECT enhances claims investigations and enables straight-through processing with machine learning. Its accompanying decision support system, pre-packaged with more than 140 features, surfaces the models’ predictions, interprets its results and helps fraud experts choose claims to investigate at the right time. Insurance carriers use the tool to replace or supplement their existing rules-based anti-fraud technology that can be expensive to maintain and update.
To learn more about how insurance carriers can incorporate machine learning to reduce losses and time spent processing claims, visit enterprise.metromile.com, and schedule a free demo.
Metromile (NASDAQ: MILE, MILEW) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile instead of the industry’s reliance on approximations that have historically made prices unfair. Metromile’s digitally native offering is built around the modern driver’s needs, featuring automated claims, complimentary smart driving features and annual average savings of 47% over what they were paying their previous auto insurer.
In addition, through Metromile Enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate with greater efficiency, automate claims to expedite resolution, reduce losses associated with fraud, and unlock the productivity of employees.
For more information about Metromile, visit www.metromile.com and enterprise.metromile.com.
About Tokio Marine Group
Established in 1879 in Japan, the Tokio Marine Group undertakes domestic non-life insurance, domestic life insurance, international business, and financial and general businesses. As Japan’s largest insurance group with a presence in 45 countries and regions, the Tokio Marine Group ranks as one of the world’s most globally diversified and financially secure insurance groups. Tokio Marine’s major subsidiaries have financial strength ratings of “A+ (Strong)” from Standard & Poor’s Financial Services LLC and “A++ (Superior)” from A.M. Best Company, Inc.
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