Intel Corporation
03/03/2021 | Press release | Distributed by Public on 03/03/2021 05:26
Intel Helps IntellectEU Fight Insurance Fraud with ClaimShare
What's New: IntellectEU, a technology company focused on emerging technologies, digital finance and insurtech, has implemented Intel® Software Guard Extensions (Intel® SGX) to secure ClaimShare, its new insurance fraud detection platform. ClaimShare uses R3's Conclave confidential computing platform powered by Intel SGX and enabled on Microsoft Azure. Additionally, ClaimShare utilizes Corda blockchain and artificial intelligence to help solve the insurance industry's growing problem with fraudulent duplicate claims.
'The application of Intel SGX technology and confidential computing to help combat this prominent form of insurance fraud will be a game changer for insurance companies. GDPR (General Data Protection Regulation) and strict data privacy compliance is critical in the insurance industry, and innovative solutions like ClaimShare will support collaboration, communication and further privacy.'
-Michael Reed, Intel director of Confidential Computing
Why It Matters: According to the FBI, the total cost of non-health insurance fraud is estimated to be more than $40 billion a year, meaning insurance fraud costs the average U.S. family between $400 and $700 a year in increased premiums. And while insurance companies invest in fraud-prevention technologies to identify patterns of fraudulent behavior, they are often limited to internal data. Coupled with a lack of collaboration, this proves problematic when bad actors create multiple claims for the same loss event at multiple insurers - a duplicate claims fraud also called 'double dipping.'
IntellectEU launched its innovative solution ClaimShare to solve this problem of 'double-dipping.' ClaimShare's industrywide platform facilitates secure data sharing between insurers, powered by confidential computing and Intel SGX. Confidentiality is crucial given regulatory and privacy constraints when sharing sensitive, personal insurance information.
'ClaimShare is the first industrywide platform that addresses these fraudulent challenges in the insurance industry while respecting business and client privacy. Until recently, there was no technology that supported this way of data exchange. With the recent advancements and adoption of enterprise blockchain and confidential computing, insurers can now securely and privately share and match data. We are fighting insurance fraud head-on,' said Chaim Finizola, director of ClaimShare.
How It Works: Once the insurer validates the claims, ClaimShare separates claims data into personally identifiable information (PII) and non-personally identifiable information (non-PII). Using the Corda distributed ledger, the non-PII is shared between the insurers and matched using fuzzy matching algorithms to identify suspicious claims. Once claims are suspected of being fraudulent, confidential computing is used to match the PII, confirming the fraud attempt before the second payout happens for the same claim.
ClaimShare offers a duplicate fraud claim verification solution across insurers, significantly decreasing the number of fraudulent claim payouts by enabling industry collaboration. This allows insurers to put public claims data on the ClaimShare ledger after verification so other insurers can check if the claim has already been paid.
Intel SGX uses a hardware-based trusted execution environment or enclave - an area of memory with a higher level of security protection - to help isolate and protect specific application code and data in memory. By creating a confidential computing environment with Intel SGX, ClaimShare can improve the security of encrypted data sharing and collaboration between insurers and help ensure privacy so that no competitive or sensitive information is leaked. The pilot detection program focused on auto insurance but can be replicated for other insurance products.
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