Preemptivemoves by Avantia Group: Introducing Holmes, a tool designed to detect and scrutinize possible fraudulent insurance claims
Avantia Group, a digital home insurance platform, has appointed James Parry as the Head of Supply Chain to fast-track its claims transformation. The appointment comes as the company prepares to launch a new claims operating model, designed to revolutionise home insurance claims handling.
Key Features and Benefits of Holmes
Avantia's AI tool, 'Holmes', is set to address fraud and streamline claims processing in several key ways. By significantly improving fraud detection accuracy, Holmes is six times more effective than traditional methods, helping to reduce the financial impact of fraudulent claims on the industry, which costs over £143 million annually in the UK[1][2][3].
Holmes rapidly identifies potential fraudulent activity and flags straightforward cases for quick and fair resolution, speeding up the claims process and benefiting genuine customers by reducing waiting times[1][2][3]. The tool achieves 98% accuracy in payment calculations, ensuring that claims are settled with precision and fairness, further enhancing customer satisfaction[3][4].
Holmes also provides recommendations on claim coverage, data capture, and next steps in 50% of cases, particularly for complex claims. This leads to improved claim outcomes and better customer experiences[1][3]. The operational and indemnity cost savings from rolling Holmes out to all claims enable Avantia to scale faster and invest in enhancing their product for customers[1][2][4].
Impact on the Industry
Holmes is set to reduce premium inflation by mitigating the impact of undetected fraud, which is a direct result of fraudulent claims[1][2]. The tool's efficiency in resolving claims quickly and accurately reduces operational costs and allows genuine claims to be processed faster, improving overall customer satisfaction[2][3].
The new claims operating model is a sign of the times for many insurers, as the supply chain becomes more critical than ever in settling claims. It is part of Avantia Group's ongoing efforts to rewrite the rules of claims management.
Partnership with 360Globalnet
Avantia Group has partnered with UK-based technology company 360Globalnet to launch this new claims operating model. The partnership will allow Avantia to develop its existing AI capabilities further, bringing claims processing in-house.
Launch and Timeline
Avantia expects Holmes to help process live claims from September 2025. The appointment of James Parry strengthens Avantia Group's focus on technology investments for claims processing, as the company continues to redefine home insurance claims handling.
Avantia Group is the parent company of Homeprotect, a direct-to-consumer home insurance brand. The launch of Holmes and the new claims operating model marks a significant step forward in Avantia's mission to provide faster, fairer, and more transparent home insurance solutions for its customers.
[1] Association of British Insurers. (2020). Fraud in motor and home insurance. Retrieved from https://www.abi.org.uk/news/news-articles/2020/09/fraud-in-motor-and-home-insurance/
[2] Avantia Group. (2021). Avantia Group launches new claims operating model with 360Globalnet. Retrieved from https://www.avantiagroup.co.uk/news/avantia-group-launches-new-claims-operating-model-with-360globalnet/
[3] Avantia Group. (2021). Avantia Group develops AI tool to tackle fraud and transform home insurance claims. Retrieved from https://www.avantiagroup.co.uk/news/avantia-group-develops-ai-tool-to-tackle-fraud-and-transform-home-insurance-claims/
[4] Avantia Group. (2021). Avantia Group appoints James Parry as Head of Supply Chain. Retrieved from https://www.avantiagroup.co.uk/news/avantia-group-appoints-james-parry-as-head-of-supply-chain/
- The appointment of James Parry as Head of Supply Chain at Avantia Group will aid in fast-tracking the implementation of Holmes, an AI tool designed for fraud detection and claims processing innovation in property insurance, which is expected to significantly reduce the financial impact of fraudulent claims in the industry.
- In line with the company's commitment to redefining home insurance claims handling, Avantia Group has partnered with 360Globalnet to launch a new claims operating model, employing AI technology and streamlined processes that will fast-track fraud detection and reduce operational costs, ultimately enhancing customer satisfaction.
- By 2025, Avantia Group aims to process live claims using Holmes, their AI tool, which not only detects fraud but also offers recommendations for claim coverage, data capture, and next steps, leading to improved claim outcomes and a more transparent, faster, and fairer home insurance experience for customers.
