Charles Taylor acquires majority stake in AI-driven fraud detection insurtech FK
Insurance services firm Charles Taylor has acquired a majority stake in insurtech Fraud Keeper (FK) that offers artificial intelligence (AI) driven solutions to help insurers detect, prevent and manage fraudulent transactions in real time.
FK is based in Argentina and has a presence in Spain. The partnership with Charles Taylor will enable it to further expand its technology to new markets globally.
Charles Taylor believes 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 provide insights to insurers to up-sell and cross-sell relevant products to their existing customer base.
Lautaro Mon (pictured), 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 at Charles Taylor, added: “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 of FK, 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.”
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