Sunday, July 13, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

How leading-Edge Blockchain Technology helps prevent duplicate payouts in the Insurance Industry

by JAVIRA SSEBWAMI | PUBLIC EDITOR
01/11/2022
in TECH
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter
MoData, a digital and financial solutions specialist that works with leading banks, financial services, and investment companies across Africa,
MoData, a digital and financial solutions specialist that works with leading banks, financial services, and investment companies across Africa

A long-standing area of concern across the insurance industry is fraudulent duplicate claim pay-outs – also known as double-dipping fraud – which costs the industry millions of dollars each year. Owing to data and technological limitations, the detection of this type of fraud has remained largely unviable – until now.

IntellectEU’s award-winning ClaimShare platform has been specifically developed to detect duplicate claims, while preserving privacy, to prevent insurers from paying out twice. MoData, through its partnership with IntellectEU, offer this innovative solution to its clients across Africa, bolstering its fraud-detection offerings.

Related posts

David Wandera, newly appointed Interim Managing Director of Absa Bank Uganda, brings over 20 years of banking experience to his new role

Absa Bank Uganda Leads Bancassurance Growth Amid Sector Expansion

28/04/2025
192
Ethereum and Solana remain two of the most dominant blockchain networks, each offering unique advantages for investors and developers alike.

Solana vs Ethereum: Which to Invest in 2025 as Solana Layer 2 Coins Enter The Market

06/03/2025
184
Solana briefly soared following Trump’s announcement of a US Crypto Reserve but has since dropped. With the White House Crypto Summit on the horizon and Solana’s first Layer-2 project, Solaxy, tackling congestion, could these catalysts push SOL to new highs?

Will SOL Reach ATH With These 2 Catalysts: US Crypto Reserve and Solana Layer 2 Coins?

06/03/2025
186
BlackRock CEO Larry Fink has reinforced confidence in Bitcoin, urging investors to buy the dip as he predicts a major economic boom ahead. Meanwhile, BTC Bull Token ($BTCBULL) is emerging as a new way for investors to earn Bitcoin rewards while mitigating volatility

BlackRock CEO Tells Investors to Buy the BTC Dip: New Method to Earn BTC with BTCBULL

06/03/2025
165

The high cost of insurance fraud

Fraudulent insurance claims are estimated to total around US$100 billion each year – that’s around 10% of all claims. Of this, between 5% and 10% are because of double-dipping fraud.

Duplicate fraud for the same loss event occurs hundreds of times each day and is estimated to cost the insurance industry from US$5 billion to US$10 billion annually, directly impacting customers by driving up insurance premiums.

How ClaimShare works

ClaimShare enables the insurance industry to solve a problem that previously seemed unsolvable by utilising confidential computing, blockchain and artificial intelligence to assist in the early detection of double-dipping fraud. It gives a consortium of insurance companies a quick and automatic way of identifying and eliminating the duplication of claims for the same event, while also complying with regulations.

“ClaimShare is playing a vital role in the digital transformation of the insurance industry,” says fraud expert and thought leader, Clive Gungudoo, MoData’s Director of Financial Crimes and Risk Management. “ClaimShare is easy to integrate and does not require any changes to the insurer’s front, middle or back-office systems. It integrates with claims-handling systems and the insurers’ back-office systems using simple, real-time APIs.”

Privacy and compliance are crucial in the insurance industry, and ClaimShare’s use of confidential computing means customers’ privacy is respected, and no sensitive data is revealed to any competitors. It does this by separating the content of the claim into public (non-personal identifiable information or non-PII) and private (PII) data. The “public” part of the verified claim is shared with all insurers in the network on a distributed ledger, while the “private” part of the claim is not shared but is used to confirm fraudulent duplicate claims.

“ClaimShare uses fuzzy-matching algorithms to identify suspicious claims, which are shared on the blockchain ledger,” explains Clive. “Once claims are suspected of being fraudulent, ClaimShare uses hardware security to ensure robust data security, privacy and regulatory compliance to match the private data, confirming the fraud attempt before an insurer duplicates a payout for the same claim. In this way, through ClaimShare, insurers are effectively able to eradicate double-dipping fraud.”

Offering insights

Because so many insurers have very little idea of the loss they experience owing to double-dipping fraud, MoData can run a back-testing programme, evaluating historical claims and quantifying the loss. “Once insurers realise the scale of the loss, they appreciate that the return on investment in a single year is potentially so advantageous it makes financial sense to have this innovative solution in place,” says Clive.

ClaimShare is all about collaboration within the industry, and by working together, insurers and their customers all stand to win. “While ClaimShare delivers huge cost-savings across the entire sector, it also enhances trust in the industry and reduces insurance costs for consumers. Being able to offer ClaimShare to our customers once again underscores MoData’s commitment to delivering innovative, agile solutions to our clients in this ever-changing digital landscape.”

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: blockchain innovations programBlockchain TechnologyInsurance Regulatory AuthorityInsurance TechnologyModata

Related Posts

Innocent Kawooya, the HiPipo CEO noted that innovators can use Mojaloop to develop secure and interoperable payment systems that are acceptable globally.
TECH

17 Startups to watch out for in 2022

by OUR REPORTER | UG STANDARD
05/01/2022
0
169

Innocent Kawooya, the HiPipo CEO noted that FinTech giants like Craft Silicon offer a variety of learning options for young...

Read moreDetails
The Digital Impact Awards Africa celebrates digital excellence across the continent, big or small, local or international.

2022 Digital Impact Awards Africa open for nominations

01/09/2022
160

2022 National Science Week kicks off at Kololo

09/11/2022
184
2022 Women in FinTech Hackathon participants make final presentations

2022 Women in FinTech Hackathon participants make final presentations

16/09/2022
152
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4378 shares
    Share 1751 Tweet 1095
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    4066 shares
    Share 1626 Tweet 1017
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2667 shares
    Share 1067 Tweet 667
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3323 shares
    Share 1348 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1785 shares
    Share 714 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1651 shares
    Share 660 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

Traders decry lack of education on tax matters, call for greater sensitization

12/07/2025

Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College

12/07/2025
The IGG Beti Kamya urged Ugandans to help expose suspicious wealth, such as high-rise apartments owned by public officials.

How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption

11/07/2025

betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round

11/07/2025
Herbert Achai

Transfers: Herbert Achayi Returns to KCCA FC

11/07/2025
The accused persons at Court on Friday.

Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

11/07/2025
Brian Mulondo (C) moderates the MTN MoMo Power to be More campaign Launch with MTN's Richard Yego (L) and Jemima Kariuki (R)

MTN MoMo Broadens Digital Offerings to Empower Individuals, Businesses

11/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • Traders decry lack of education on tax matters, call for greater sensitization
  • Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College
  • How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption
  • betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round
  • Transfers: Herbert Achayi Returns to KCCA FC
  • Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

OpED

Equipping Youth with Skills for a Sustainable Future: A Mission We Must All Embrace

Fueling the Future: How Pesapal’s Forecourt Management Solution is Transforming Uganda’s Petroleum Sector

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d