One of the world’s leading tech protection and support companies is using AI to help its customers avoid the costs of fraudulent claims, and to ensure genuine claims are settled faster. Likewize is trusted by some of the world’s biggest tech brands, network operators, retailers and banks, resolving around 250 million problems each year for end users across insurance, warranty, repairs, trade-ins, recommerce and premium tech support.
Likewize is on a mission to make every tech problem painless, so being able to make fast, accurate decisions about claim validity is essential.
To help with this, the company has adopted Precision – a cloud-based, predictive analytics tool developed by leading data insight specialist Synectics Solutions – to rapidly evaluate claims received for patterns and data matches that indicate fraud risk. Precision does this by blending data matching with National SIRA – the UK’s largest syndicated database of cross-sector customer risk intelligence – other syndicated data sources, and a combination of supervised and unsupervised machine-learning techniques.
Richard Daley, Business Development Manager at Synectics Solutions, said: “The combination of National SIRA and Precision is a powerful one. By leveraging the real intelligence within National SIRA and combining it with Precision’s finely tuned predictive models, it will allow Likewize to rapidly identify claims that pose risk, all in real time.
“Precision is trained in such a way that it can reveal risk and see patterns that may otherwise be missed. Regular recalibration also means that it adapts to changing behaviours to retain, and even improve, predictive accuracy over time.”
The tool, which is easily managed through SIRA’s user interface, produces a score that allows Likewize to make an informed decision about whether to accept, reject or continue investigating a claim.
Likewize has also opted to make use of a special module in SIRA that supports ‘outcome orchestration’. This means that depending on what Precision discovers, a corresponding outcome will be automatically generated in real time – for instance sending out a notification to the policy holder requesting further details or advising why a claim is being investigated.
Gerry O’Keeffe from Likewize said: “Our reputation is based on providing great service, fast and we want to make sure legitimate claims are solved as quickly as possible.
“In a world where people are more reliant than ever on their technology, we’re here to save customers from disruption when things go wrong, by replacing lost or stolen devices. Our clients rely on us to deliver fast resolutions for their policy holders. We recognise that they also do not want to be paying for ineligible claims and sadly, tech policy fraud is a growing issue.
“This is one of the reasons we chose to pair Precision with National SIRA from the word go. We are able to use real intelligence to quickly and accurately identify legitimate claims which we resolve at speed and then identify the cases where the data predicts there is fraud risk.”