In France, the Insurance Fraud Agency (ALFA) believes that insurance fraud represents a loss of 2 billion euros every year. According to a study conducted by Lynx in 2022, 20% of policyholders admitted to insurance fraud, compared to 11% in 2021, which generates an impact on 7% of company turnover. In this context, the fight against fraud has become a priority for many insurance companies.
Let’s start by introducing LUKO:
Luko is a French start-up specialized in insurance, founded in February 2018 and having raised 50 million euros in December 2020. It offers fully digital insurance solution, which positions it as neo-insurance. Insurance fraud can take different forms: false claims declarations, modification of invoices or quotes, and accident simulation, etc.
What is the objective of the Finovox integration?
Digital often rhymes with fraud, and Luko is no exception. This is why, as part of the fight against fraud, Finovox contacted the renowned neo-insurer. Mainly used to check invoices and quotes provided by its customers, the Finovox solution began its analysis in mid-2023.
How was Finovox integrated into Luko?
The Finovox software was deployed in 2 phases: a pilot phase on a restricted scope, then an extension to the overall documentary scope.
Starting with Finovox Investigation (the Finovox SaaS platform dedicated to manual investigation of documents), Luko's anti-fraud teams were able to familiarize themselves with the innovative technology and its daily use in the study of fraud.
Following positive feedback on the detection rates and explainability of fraud, the Luko and Finovox teams worked together to deploy Finovox Detection, the API solution for automatic, real-time analysis of incoming documents. At the end of 2022, the integration could be put into production for complete processing of the flow: from analysis upon receipt via API to decision-making after investigation using the platform.
What if we asked you for your feedback on Finovox?
“Since using the API, we have doubled our fraud economy. In the world of insurance, we save the amount that we would have had to pay if we had not been able to prove fraud. And this economy, for us, has doubled compared to the previous year. We are also wondering, today, if we are not going to carry out a retroactive verification of old files.
Marie-Colombe Pineau, Head of Fraud and Complaints at Luko, expressed very positive feedback on the use of Finovox, emphasizing that it is the solution that Luko was waiting for to effectively combat document fraud. Although no figures on Finovox's achievements are yet available due to the recent collaboration, they will be added as soon as they become available. It is important to emphasize that the fight against document fraud is not only a concern for Luko, but is also a legal obligation in France to combat money laundering and terrorist financing.
“Finovox is the solution that Luko has been waiting for to effectively combat document fraud. Its team and its tools are the great qualities of Finovox. ". Marie-Colombe Pineau, Head of fraud and complaints at Luko
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