IntellectEU and KPMG present ClaimShare — the fraud detection platform — during MSFT Ignite 2021
Wednesday, March 3 2021 — IntellectEU and KPMG present the highly anticipated fraud detection platform ClaimShare during Microsoft Ignite, highlighting their collaboration in the digital finance and insurance space.
Insurtech is hotter than ever with insurers increasingly looking to innovate and partner with technology and consulting companies to rethink and strengthen their business. One of the latest insurtech platforms in the spotlight is the ClaimShare application which leverages blockchain technology and confidential computing to fight fraud in the insurance industry. Following IntellectEU’s win of the global Corda Challenge Insurtech 2020 by B3i and R3, IntellectEU and KPMG were invited by Intel to present the ClaimShare platform during Microsoft’s Ignite 2021 event, taking place from 2 to 4 March.
ClaimShare enables the detection and prevention of duplicate payouts for the same insured event while maintaining the privacy of the business’ and client’s data. Until recently, no technology existed that could address this challenge. ClaimShare combines R3’s blockchain platform, Corda, and its confidential computing platform, Conclave, which uses Intel ® SGX. The solution is deployed on Microsoft Azure confidential computing virtual machines and R3’s Corda blockchain technologies. Confidential computing enables multiple insurance companies to combine and compare claim data within a “black box,” so that each company can’t access the datasets, however can get insights on which claims could be duplicate.
During the digital event, R3’s CTO Richard Gendal Brown explained how R3 recently released their long-awaited Conclave SDK in February 2021, drastically improving the developer experience when working with confidential computing. ClaimShare is one of the very first applications to use R3’s Conclave SDK.
It is estimated that detected and undetected fraud make up between 5% to10% of insurers’ total claim payouts. This costs the industry several billion dollars each year, which will inevitably lead to higher household insurance cost. “Double-dipping fraud is a key contributor to the fraud cost across the insurance sector, while at the same time, due to inherent data and technological limitations, a systematic detection of this fraud typology has remained largely unviable”, said Kami Zargar, the Head of Forensic at KPMG in Belgium. “The ClaimShare solution to detect/prevent fraud will not only lead to cost savings across the sector, but will also enhance trust in the sector and reduce household insurance cost”.
Chaim Finizola, ClaimShare Director at IntellectEU, is excited to partner with KPMG to bring the solution to market. During the Ignite event, he presented the solution and the next steps for the platform and the partnership. “With KPMG’s anti-fraud expertise, legal and compliance consulting and insurance network, we believe we’ve found the ideal partner, complementing each other on every level. We can’t wait to onboard insurers to the ClaimShare platform over the next months and showcase our results”.
“ClaimShare is a prime example of how confidential computing and blockchain technology together can prove a powerful force in enabling a new era of privacy through data sharing”, Richard Gendal Brown, CTO of R3 says. “The problem of duplicate payouts is a longstanding issue across the insurance sector, which is ripe for transformation. Our Conclave and Corda platforms are ideally suited to bring this about. We look forward to seeing ClaimShare pave the way in mitigating fraud across the insurance sector.”
For more information about the ClaimShare platform, don’t hesitate to reach out to claimshare@intellecteu.com or go to claimshare.intellecteu.com
For more information about Conclave go to conclave.net
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About KPMG in Belgium
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. Insurance is one of the firm’s priority sectors. We build on our deep industry expertise and process knowledge, adding value to our clients across the full spectrum of the value chain. In this time of transformative change, we continue with our multi-year $5 billion investment in technology, innovation and people to deliver quality and global consistency in everything we do to create powerful solutions for clients.
About IntellectEU
IntellectEU is an international technology company, specialized in digital finance and emerging technologies. Besides its focus on financial messaging and integration for over 15 years, IntellectEU has been doing pioneering work in the DLT space since 2014, being a founding member of Hyperledger Fabric and global partner of R3, VMWare and Digital Asset. Today, IntellectEU works with all leading blockchain providers in the banking, capital markets, and insurance space and launched ClaimShare as a standalone venture.
About R3
R3 is an enterprise software firm that is pioneering digital industry transformation. With our foundation in enterprise blockchain technology, we power solutions that deliver trust across the financial services industry and beyond.
R3’s enterprise blockchain platform Corda is digitalizing the processes and systems that firms rely on to connect and transact with each other and has more than 350 institutions deploying, servicing and building on it. Our Conclave platform harnesses the promise of confidential computing and Intel® SGX technologies. Conclave empowers businesses to develop applications that analyze and process sensitive data from multiple parties — all without compromising on confidentiality.
Our customers and partners have access to an ecosystem of leading systems integrators, cloud providers, technology firms, software vendors, corporates and banks. To ensure our customers derive the greatest value from their investment, we provide services and support to shorten time-to-market, as well as guidance on implementation, integration and building blockchain business networks. Learn more at www.r3.com, www.corda.net, and www.conclave.net.
